bash vulnerability?

This vulnerability for right now should be classified as a zero-day local
shell exploit for bash. May want to let your other customers using
Linux/*BSD about this. Still looking for a fix to it at the moment, I
have my team on it. From here, it looks like doing a "ulimit -u 15"
should supress it, but I'm not quite sure for exactly how long, or the
effectiveness.

The string looks like this:

:-(){ :|:& };:

Nasty little shit.

--
Mail I sent my admin earlier after I heard about it. Anyone have just any idea what this is? And how to fix it?
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