BackTrack 5 R 2 is scheduled to be released on March 1 2012 via Torrent. ISO release will be provided few days later (people are urged to use Torrents to reduce the load on the server).
The new release will be the first release of BackTrack that utilize Linux Kernel 3.2.x series (it will use 3.2.6). This surely brings better hardware detection and also many new features into this wonderful Linux distribution specialized for pentesting. There are several new applications on this release, such as pipal findmyhash, metasploit, joomscan, hashcat-gui, golismero, easy-creds, pyrit, sqlsus, vega, libhijack, tlssled, hash-identifier, wol-e, dirb, reaver, wce, sslyze, magictree, nipper-ng, rec-studio. hotpatch, xspy, arduino, rebind, horst, watobo, patator, thc-ssl-dos, redfang, findmyhash, killerbee, goofile, bt-audit, bluelog, extundelete, se-toolkit, casefile, sucrack, dpscan, and dnschef. There's a new update repository as well.
If you prefer to upgrade your BackTrack installation instead of performing a clean install, follow the tutorial on their blog.