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Problems with Oracle's Java 7 runtime may require OS X users to switch back to Java 6, but currently there is no direct means of doing so.
Apple has made Java for OS X 10.7 Lion available as a downloadable installation, or like Rosetta as an optional installation whenever you launch an application that requires it.
Apple has issued a Java update for OS X Lion and Snow Leopard to make it more difficult for hackers to exploit other vulnerabilities.