Seems that there’s some excitement about a new paper A Statistical Analysis of Multiple Temperature Proxies: Are Reconstructions of Surface Temperatures Over the Last 1000 Years Reliable? to be published in Annals of Applied Statistics. Their reconstruction appears to be closest match to a hockey stick shape yet seen:

Also:

Using our model, we calculate that there is a 36% posterior probability that 1998 was the warmest year over the past thousand. If we consider rolling decades, 1997-2006 is the warmest on record; our model gives an 80% chance that it was the warmest in the past thousand years.

Discuss.

**Update:** Deep Climate on M&W is worth a read.

[**Update 2**: Eduardo Zorita.