User interaction is required to exploit this vulnerability in that the target must visit a malicious page.
The specific flaw exists within the way java handles color profiles. When parsing a color profile containing a invalid 'bfd ' tag it is possible to specify an integer that can cause an integer to wrap. This integer is then used to specify the size of a heap allocation. By providing a specially crafted tag value an attacker can cause memory corruption that can lead to remote code being executed under to user running the browser.
Patch Availability:
Oracle has issued an update to correct this vulnerability. More details can be found at:
http://www.oracle.com/technetwork/topics/security/javacpujune2011-313339.html