The current recommended compiles are 3.90.2 and 3.92. The former is preferred by most people here because it has been more extensively tested due to its age, and is the version officially recommended by this site.
It's also worth noting that 3.90.2 is slightly faster than 3.92. Although not much.
Lame v3.90.2, --alt-preset standard, Athlon XP 1700+ (@1511 Mhz)
Encoding as 44.1 kHz VBR(q=2) j-stereo MPEG-1 Layer III (ca. 7.4x) qval=2
Frame | CPU time/estim | REAL time/estim | play/CPU | ETA
9414/9417 (100%)| 0:57/ 0:57| 0:57/ 0:57| 4.2932x| 0:00
32 [ 60] %*
128 [ 479] %********
160 [2082] %%%%%%%%%****************************
192 [3807] %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%****************************
224 [1599] %%%%%%%%%%%%%%%%************
256 [ 785] %%%%%%%%******
320 [ 605] %%%%%%%****
average: 199.6 kbps LR: 4439 (47.14%) MS: 4978 (52.86%)
Lame v3.92, --alt-preset standard, Athlon XP 1700+ (@1511 Mhz)
Encoding as 44.1 kHz VBR(q=2) j-stereo MPEG-1 Layer III (ca. 7.3x) qval=2
Frame | CPU time/estim | REAL time/estim | play/CPU | ETA
9414/9416 (100%)| 1:00/ 1:00| 1:01/ 1:01| 4.0404x| 0:00
32 [ 60] %*
128 [ 723] %%*************
160 [2717] %%%%%%%%%%%%%%%%%************************************
192 [3388] %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%**************************
224 [1336] %%%%%%%%%%%%%%%%***********
256 [ 661] %%%%%%%%*****
320 [ 532] %%%%%%*****
average: 193.1 kbps LR: 4400 (46.72%) MS: 5017 (53.28%)
Tested track was "Everything But The Girl - Missing".
3.90.2 generates bigger files, but I belive this issue has been debated extensively elsewhere on the forum.