I just notified VT of the correct link to the Developer's Site for v2. Until they correct it, here it is as well:

http://sourceforge.net/projects/mplayerosx/

There is a certain eccentricity regarding MPlayer. There are essentially three separate development tracks:

1) The Version 1 track is the original and is actively run by the developers who write ffmpeg, officially maintained by Nicolas Plourde. They actively maintain the CLI version but also have an active GUI version. Version 1 has been updated into a Universal Binary. The most recent version is v1.0rc2, released in January 2009.

2) The Version 2 track is currently at a dead end, kept over at SourceForge, as indicated by the URL I posted above. On their website the last version is listed as v2.0b8r5. But when you actually run it, you'll find in the About Box tht what you have is v2.0b95. (>_<) Version 2 stopped development in 2005. It was never updated beyond PPC compatibility. Therefore, it runs in Rosetta on Intel Macs and is IMHO antiquated.

3) Recently a third sub-branch began, called MPlayer OSX Extended, developed by Adrian Stutz. It is a GUI embellishment built upon the Version 1 track. It is 'unofficial' but offers some well acclaimed ease of use improvements. This is the version people currently prefer. It is actively updated and keeps up with the most recent edition of the Version 1 track. The most recent version is 'rev8'. It is Universal Binary.

Summary: Version 1 is the older, original development track, but it is also the only active branch. Version 2 started later, but is currently a dead project. I personally recommend going for MPlayer OSX Extended.

What I do: I have one folder for all three. Inside it I have separate folders for v1, v2 and Extended. I have all three in my Dock. But the one I use most is Extended.