Adobe has released updates to Flash Player to address two vulnerabilities in the product on Windows, Mac and Linux.
Adobe ranks the severity of these vulnerabilities as "important," rather than "critical." They define important as "[a] vulnerability, which, if exploited would compromise data security, potentially allowing access to confidential data, or could compromise processing resources in a user's computer." It is not critical, which could allow an attacker to run malicious code.
Adobe has assigned them priority 2 on Windows and Mac, and priority 3 on Linux. This means that there are no known exploits and that Mac and Windows users should install it "soon (for example, within 30 days)." Linux admins may apply the update at their discretion.
A new stable release of Google Chrome has already been released today. The Flash update is not specifically listed as being included, but some of the vulnerabilities are unspecified.
[UPDATE: Microsoft has released the update and a security advisory. Users can run Windows Update to apply it.]