Xiaoyun Wang and Hongbo Yu from Shandong University and Yiqun Lisa Yin from Princeton University, have released a paper briefly outlining their findings. They claim that a collision can be found in the full version of SHA-1 in 269 hash operations, which is about 2,000 times faster than brute force.
Bruce Schneier commented, "It's time for us all to migrate away from SHA-1."