3.2 is the most recent kernel, released on January 4. The 3.3 merge window is still open, see the article below for what's been merged in the last week. 3.3-rc1 can probably be expected sometime soon.
Stable releases: The 3.1.10 stable kernel was released on January 18. This is the last stable kernel in the 3.1.x series, so users should upgrade to the 3.2 series.
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