Mojang have just released an update for Minecraft, bringing us to Minecraft 1.1.
Along with several bug fixes, this update provides the following:
Golden Apple recipe
New language translations.
Slightly smoothed color transitions between biomes
Reduced brewing time to 20 seconds
Added spawn eggs to creative (the colors of the eggs even look like the mobs)
Added world type options (currently only super-flat and default)
Removed collision box from ladders
Sheep eat grass and regain their wool
If you are a server owner running Bukkit they advide
"Please try and advise your users not to update or they will likely not be able to connect to your server."