Apple has admitted that they have been having stability and performance problems with iTunes and in an effort to fix the problems they have released a new version of iTunes bringing the current version to iTunes 7.7.1.

While Apple is normally terse in describing its software updates, the new version of iTunes is the shortest in a while. According to the notes provided by the company, iTunes 7.7.1 “includes fixes to improve stability and performance.”

An article on TidBITS this morning quotes an Apple employee that posted to the company’s forums last night explaining several of the fixes in the update. Apparently at least five items have been fixed including corruption of accented artist names, a bug that prevented CDs from being ejected, iPods not being recognized, long iPhone backups and a sync issue with Outlook.

iTunes was last updated the day before the launch of the iPhone. That update brought support for the iPhone 3G and the App Store. The release also supported Apple Remote, a new application that allows users to connect to their iTunes library or Apple TV from the iPhone or iPod touch.

iTunes 7.7.1 is available via the software update mechanism in Mac OS X.