This is an improvement over the last public beta release 0.5.5.1. The changes in these updates are as follows;

Launcher:
1. Updated game settings to be sliders instead of combo-boxes.
2. Added ‘1280 x 960’ resolution to the ‘Window Size’ settings.
3. Moved ‘Use controller in-game’ check box over to ‘Controller’ settings.

Game:
1. Added mode selection for Rainbow Dash.
2. Added mode selection for Pinkie Pie.
3. Added mode selection for Fluttershy.
4. Fixed a few cosmetic inconsistencies.
5. Fixed all arcade mode bugs.
6. Fixed a bug where Rainbow Dash would disappear when attempting to perform “Air Grab H”
while flying.
7. Fixed a bug where Rainbow Dash would disappear when attempting to perform “Air Dash”
while flying.
8. Fixed a bug where Fluttershy would stop in midair when flung back.

Update via the launcher, if you don’t have the game, download it here.