Available immediately is BuddyPress 1.2.9. This is a bug-fix release of the 1.2 branch to ensure full compatibility with WordPress 3.2. (Note: This does not use the new bbPress 2.0! We’re working on it!)
Questions? Let us know in the comments or in the support forums, and stay on the lookout for an early preview of BuddyPress 1.3 sometime in July!