IronPython 0.7 has been released and placed into a GotDotNet workspace. I spoke with Jim Hugunin yesterday about the release. He says that it is essentially a minor upgrade to IronPython 0.6; the real news is that he is going to become more active in the project. He says that he hopes to provide another update in just a few weeks and that he hopes that IronPython 1.0 will be available by the end of the year.
IronPython 0.7 is not compatible with .NET Framework 1.1! You must use the beta or CTP of 2.0 to compile and run it. Neither is it compatible with .NET Compact Framework, so no Python on Smartphone. Hugunin said (and I agree) that .NET CF support is more important than 1.1 support. Of course, we'll have to see what the community says.
IronPython is released under a “BSD-style” license.