Apple (Nasdaq: AAPL) has released new update of iTunes (iTunes 10.1.2) that allows syncing the new Verizon iPhone 4 with iTunes.

Verizon will be selling the CDMA version of iPhone via from Feb. 2.

Cupertino, California-based Apple said iTunes 10.1.2 provides a number of important stability and performance improvements.

iTunes 10.1.2 offers several new features and improvements, including

* AirPlay to instantly and wirelessly stream videos from iTunes to the all-new Apple TV.

* Sync with your iPhone, iPad, or iPod touch with iOS 4.2

The update is also available for download for Windows 7, Vista and XP users.

The file size for iTunes 10.1.2 is 90.43 megabyte (MB) for Mac OS X, 78.29 MB for Windows 32-bit version and 79.16 MB for Windows 64-bit version.

Following are the system requirements for Mac users to download the latest update:

System Requirements

Software:

* Mac OS X version 10.5 or later

* QuickTime 7.6 or later; Support for HE-AAC requires QuickTime 7.6.4 or later

* Safari 4.0.3 or later

*200MB of available disk space

Hardware:

* Mac computer with an Intel, PowerPC G5 or G4 processor

* 1.0GHz PowerPC G4 or faster processor is required to play Standard Definition video from the iTunes Store

* 2.0GHz Intel Core 2 Duo or faster processor is required to play HD video, an iTunes LP, or iTunes Extras from the iTunes Store

* 512MB of RAM; 1GB is required to play HD video, an iTunes LP, or iTunes Extras

* Screen resolution of 1024x768 or greater; 1280x800 or greater is required to play an iTunes LP or iTunes Extras

* Playing videos also requires at least 16MB of video RAM

* Broadband Internet connection to use the iTunes Store

* Apple combo drive or SuperDrive to create audio, MP3, or back-up CDs; some non-Apple CD-RW recorders may also work.

* Apple SuperDrive to back up your library to DVDs; some non-Apple DVD-RW drives may also work.

For Windows users, the hardware specifications are same as above. The software specifications are as follows:

Windows Software

* Windows XP Service Pack 2 or later, 32-bit editions of Windows Vista, or 32-bit editions of Windows 7

* 64-bit editions of Windows Vista or Windows 7 require the iTunes 64-bit installer

 * QuickTime 7.6.6 or later is required (included)

* 200MB of available disk space

* Screen reader support requires Window-Eyes 7.1.1 or later

iTunes, which was introduced by Apple on Jan. 9, 2001, is an application that allows the user to purchase and manage audio and video on a personal computer.

On Feb. 24, 2010, Apple announced that over 10 billion tracks had been downloaded from the iTunes store.

In late August, Apple said downloads from iTunes U, which carries free lectures, discussions, and lessons from universities and cultural institutions around the globe, surpassed 300 million from 800+ institutions.