It isn't out yet, but it will be soon ...
http://www.mojang.com/2012/02/minecraft-1-2-preview/
Once it is pushed to the clients automatically 3dB or myself will update the server. This is highly dependent on our day/night cycle. I'd expect by tomorrow afternoon (if available) the server will be updated.
I overslept today :-0
3dB should be updating us shortly.
Release notes here: http://www.mojang.com/2012/03/minecraft-1-2-is-out/
We are now on 1.2!!!!!!!!!!!!!!!!!!OMG WHEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!1one