Oracle, the developer released a patch, but that contains some flaws as well.
Unless you really need Java, you should remove it.
In Windows, go to Start>>Control Panel and click the Uninstall a program link. Find Java on the list of programs. If you have version 7, uninstall it.
Note: Java version 6 is not affected by this issue, but it is an older version with its own problems, so you might want to uninstall it anyway.
In OS X 10.7 and 10.8, go to Macintosh HD/Library/Java/JavaVirtualMachines/ and remove the 1.7.0.jdk file. Older versions of OS X run Java 6.