This is the new 17mm f/1.2 PRO lens. And probably the most annoying thing of this lens is that it will ship in January only. But for the rest this promises to be a great lens!

Preorders:
17mm at Amazon, BHphoto, Adorama and GetOlympus.
45mm at Amazon, BHphoto, Adorama and GetOlympus.

Here are all the key Features, KTF graph and lens construction graphs:

The new 45mm f/1.2. Image courtesy: Robin Wong

Robin Wong posted the full Olympus 45mm f/1.2 review:

The F1.2 wide aperture, combined with medium telephoto focal length produced the shallow depth of field needed to isolate the subjects from the messy background. The bokeh is smooth and beautiful, allowing the subjects in focus to stand out.
I have nothing negative to write about the Olympus M.Zuiko 45mm F1.2 PRO lens. While some may complain about the bigger size, I find it reasonable and I would not have a smaller lens with compromises made on the excellent optical quality.
If you are after the best of the best that Micro Four Thirds can offer, the Olympus 45mm F1.2 is a lens that you should seriously consider.

Preorders:
17mm at Amazon, BHphoto, Adorama and GetOlympus.
45mm at Amazon, BHphoto, Adorama and GetOlympus.

via CameraSize

There is really nearly no size difference between the three Olympus f/1.2 PRO lenses. The shortes lens is the 45mm f/1.2 while the lightest lens is the 17mm f/1.2.

New tests:
This is first session with 45mm 1,2, (and RAW to download) at jakubkazmierczyk.pl
Olympus 45mm Pro f/1.2 A Portrait Artist’s Dream Lens (Traciejeanphoto)
And backstage movie from E-M1 II + 12-40/25 1,2 jakubkazmierczyk.pl

Preorders:
17mm at Amazon, BHphoto, Adorama and GetOlympus.
45mm at Amazon, BHphoto, Adorama and GetOlympus.