NOTE! The new version has several new files and is completely re-organized. Empty the module folder completely before adding the contents of the new version. If you don't do that, Drupal may try to use some of the invalid, older files and things will not work correctly. After updating the files on your system, visit the modules page and look for the new Date/Time section and enable the new modules. Then visit update.php to update your database and make sure your site timezone name is correctly set at admin/settings/date-time.
If you use the Token module, be sure to use the latest version of it, too, currently that is the development version. The older version was using the older Date API.
This version should be matched up with the 5.2 version of the Calendar module.
* The Date API now uses PHP 5.2 date functions for better date and timezone handling (and has PHP 4 emulations for those functions so the module will work in PHP4). Although the code will work with PHP 4, it is significantly faster and more efficient under PHP 5.2 or higher, so PHP 5.2 is highly recommended.
* No more need for the adodb date library, historical dates earlier than 1970 and later than 2038 are handled without any external code.
* iCal integration is greatly improved, an iCal parser can parse events, alarms, most types of dates and timezones, duration, repeat rules, and more.