1.2.5 Is Available for testing here:

Minecraft 1.2.5 Client: Download Here
Minecraft 1.2.5 Server .jar: Download Here
Minecraft 1.2.5 Server .exe: Download Here

1.2.5 is set for Official Release on Wednesday 4th April 2012.


Changes in 1.2.5:

Added shift clicking support in furnaces
Added method to easily acquire blocks you have selected in the world in Creative mode using the ‘pick block’ key
Added Herobrine
Made the Direct Connect dialog remember the last IP for the current session
Fixed issues detected certain links in chat
Fixed wild ocelots behaving like tamed cats
Fixed various chat crashes
Made cats less eager to sit on things
Made cats less patient
Fixed world generation failing under certain circumstances
Fixed issues turning off sound under certain circumstances
Removed all ghost entities under the command of Lord Herobrine
Fixed crash when pasting certain characters in chat
Fixed slash ‘/’ key not behaving correctly in certain environments
Fixed command matching being too greedy (for example: typing ‘/stophammertime’ no longer stops your server)
Fixed not being able to click coloured links
Fixed potential issue with village door detection (which could cause too many villagers)
Made using a stack of bowls on Mooshrooms not consume the whole stack of bowls
Made punching a TNT block with flint and steel in hand destroy and drop a TNT block (right-clicking will activate the TNT)