So 0.5b2, as has been stated previously, is mostly coded. At the moment a lot of us are wedged between mod work and real life commitments so development is on hold (although I'm doing a bit of UI work which I hope to get in by b2 release).
So our current expectations, based off our coder's schedule is we should be doing internal testing in late May, with a probable release in June. Probably.
Hopefully that clears up why we've been a bit quiet lately.
So that estimate was about two months out. We should be doing internal testing in the next few weeks since we've finally got everything working vaguely how we want it, after which we'll do a release.