We've just released Android Studio 1.1 Beta to the canary and dev channels. Assuming there are no surprises, we will also push it to the beta channel early next week.
This build contains mostly bug fixes and support for the upcoming version 1.1 of the Android Gradle plugin. There is also an experimental feature (which you can enable under Gradle > Experimental) to import just a subset of modules in a large project.
You can manually check for updates via Help > Check for Update... (on OSX, look in the Android Studio menu). This will download and install a small patch rather than download a full IDE image. If you are using an older version, you'll need to download a full install from the downloads page.
NOTE: 1.1 beta is currently only available in the canary and dev channels, and Android Studio will by default look in the Beta or Stable channels, so if you want to update, open the preference dialog, go to the Updates category and change the channel setting.
If you run into problems, be sure to check the Known Issues page which we'll update as necessary
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