diff --git a/IPython/core/release.py b/IPython/core/release.py
index ea64271..c2d7bae 100644
--- a/IPython/core/release.py
+++ b/IPython/core/release.py
@@ -23,7 +23,7 @@ name = 'ipython'
 development = True    # change this to False to do a release
 version_base = '0.11'
 branch = 'ipython'
-revision = '1284'
+revision = '1312'
 
 if development:
     if branch == 'ipython':
diff --git a/IPython/core/ultratb.py b/IPython/core/ultratb.py
index 3a517d2..c32fad9 100644
--- a/IPython/core/ultratb.py
+++ b/IPython/core/ultratb.py
@@ -88,7 +88,6 @@ import types
 from inspect import getsourcefile, getfile, getmodule,\
      ismodule, isclass, ismethod, isfunction, istraceback, isframe, iscode
 
-
 # IPython's own modules
 # Modified pdb which doesn't damage IPython's readline handling
 from IPython.utils import PyColorize
@@ -312,11 +311,15 @@ def _format_traceback_lines(lnum, index, lines, Colors, lvals=None,scheme=None):
 # Module classes
 class TBTools:
     """Basic tools used by all traceback printer classes."""
+
     #: Default output stream, can be overridden at call time.  A special value
     #: of 'stdout' *as a string* can be given to force extraction of sys.stdout
     #: at runtime.  This allows testing exception printing with doctests, that
     #: swap sys.stdout just at execution time.
-    out_stream = sys.stderr
+    #: Warning: be VERY careful to set this to one of the Term streams, NEVER
+    #: directly to sys.stdout/err, because under win32 the Term streams come from
+    #: pyreadline and know how to handle color correctly, whie stdout/err don't.
+    out_stream = Term.cerr
 
     def __init__(self,color_scheme = 'NoColor',call_pdb=False):
         # Whether to call the interactive pdb debugger after printing
@@ -381,8 +384,7 @@ class ListTB(TBTools):
         
     def __call__(self, etype, value, elist):
         Term.cout.flush()
-        print >> Term.cerr, self.text(etype,value,elist)
-        Term.cerr.flush()
+        Term.cerr.writeln(self.text(etype,value,elist))
 
     def text(self, etype, value, elist, context=5):
         """Return a color formatted string with the traceback info.
@@ -533,7 +535,7 @@ class ListTB(TBTools):
         # a subclass whose signature or behavior may be different
         Term.cout.flush()
         ostream = sys.stdout if self.out_stream == 'stdout' else Term.cerr
-        print >> ostream, ListTB.text(self, etype, value, []),
+        ostream.write(ListTB.text(self, etype, value, []))
         ostream.flush()        
 
     def _some_str(self, value):
@@ -907,8 +909,7 @@ class VerboseTB(TBTools):
         (etype, evalue, etb) = info or sys.exc_info()
         self.tb = etb
         Term.cout.flush()
-        print >> Term.cerr, self.text(etype, evalue, etb)
-        Term.cerr.flush()
+        Term.cerr.writeln(self.text(etype, evalue, etb))
 
     # Changed so an instance can just be called as VerboseTB_inst() and print
     # out the right info on its own.
@@ -1032,10 +1033,12 @@ class AutoFormattedTB(FormattedTB):
         Term.cout.flush()
         if tb_offset is not None:
             tb_offset, self.tb_offset = self.tb_offset, tb_offset
-            print >> out, self.text(etype, evalue, etb)
+            out.write(self.text(etype, evalue, etb))
+            out.write('\n')
             self.tb_offset = tb_offset
         else:
-            print >> out, self.text(etype, evalue, etb)
+            out.write(self.text(etype, evalue, etb))
+            out.write('\n')
         out.flush()
         try:
             self.debugger()