Looks like Oracle has quickly released a patch to the serious Java security whole. But it also looks like they ‘poorly packaged’ it. So it may not install correctly on all Operating Systems.
First, verify you have the latest version of Java installed; go here.
If not, then get the latest version here.
The Linux and OS X versions seem to install without error. But…
For Windows users you may get an error “Error 1714. The older version of Java cannot be removed…”
This can be fixed by first ‘trying’ to uninstall all the Java applications you find.
Go to Control Panel>Programs and Features>Java.. then pressing uninstall for each Java application listed.
If that fails (and it has for me on two Windows systems) Grab Microsoft’s Uninstall Utility here, run it and choose ‘having problems uninstalling..’ and let it do it’s thing. You’ll be presented with a window showing what applications you wish to remove; choose Java 7 or what ever was giving the error.
Then after finished again try to install the latest Java again (the one you downloaded previously. (source)
Be safe out here. Peace