Late last night Apple released an updated version of OS X Lion to the developer community. OS X Lion Preview 2 is a new build (build number 11A419) and can be downloaded from the Mac App Store by way of a redeem code.
The update fixes some bugs that were reported in the previous build (build 11A390) but reports are coming in that the build is still a bit buggy in places. Techcrunch is reporting that the most recent build is referred to as GM1 which indicates that this release should probably be the last one before a GM release.
You can expect at least another two developer releases before OS X Lion is ready to go live to the public. It is expected that OS X Lion will be announced for a June launch.
Mac OS X Lion will take center stage, along with iOS, at this years WWDC event that takes place between the 6th and 10th of June in San Francisco. It was the last version of OS X that Bertrand Serlet worked on before departing Apple. Serlet is responsible for overseeing the advances in OS X for the past 10 years.