diff --git a/index.html b/index.html
index cc8795244..e2f483136 100644
--- a/index.html
+++ b/index.html
@@ -113,11 +113,11 @@
     <p>
       <table>
         <tr>
-          <td><a href="underscore.js">Development Version (0.5.3)</a></td>
+          <td><a href="underscore.js">Development Version (0.5.4)</a></td>
           <td><i>22kb, Uncompressed with Comments</i></td>
         </tr>
         <tr>
-          <td><a href="underscore-min.js">Production Version (0.5.3)</a></td>
+          <td><a href="underscore-min.js">Production Version (0.5.4)</a></td>
           <td><i>3kb, Packed and Gzipped</i></td>
         </tr>
       </table>
@@ -1067,6 +1067,13 @@ _([1, 2, 3]).value();
 
       <h2>Change Log</h2>
       
+      <p>
+        <b class="header">0.5.4</b><br />
+        Fix for multiple single quotes within a template string for 
+        <tt>_.template</tt>. See: 
+        <a href="http://www.west-wind.com/Weblog/posts/509108.aspx">Rick Strahl's blog post</a>.
+      </p>
+      
       <p>
         <b class="header">0.5.2</b><br />
         New implementations of <tt>isArray</tt>, <tt>isDate</tt>, <tt>isFunction</tt>, 
diff --git a/underscore-min.js b/underscore-min.js
index 36b49b522..e97a8b7d9 100644
--- a/underscore-min.js
+++ b/underscore-min.js
@@ -1,4 +1,4 @@
-(function(){var j=this,n=j._,i=function(a){this._wrapped=a},m=typeof StopIteration!=="undefined"?StopIteration:"__break__",b=j._=function(a){return new i(a)};if(typeof exports!=="undefined")exports._=b;var k=Array.prototype.slice,o=Array.prototype.unshift,p=Object.prototype.toString,q=Object.prototype.hasOwnProperty,r=Object.prototype.propertyIsEnumerable;b.VERSION="0.5.3";b.each=function(a,c,d){try{if(a.forEach)a.forEach(c,d);else if(b.isArray(a)||b.isArguments(a))for(var e=0,f=a.length;e<f;e++)c.call(d,
+(function(){var j=this,n=j._,i=function(a){this._wrapped=a},m=typeof StopIteration!=="undefined"?StopIteration:"__break__",b=j._=function(a){return new i(a)};if(typeof exports!=="undefined")exports._=b;var k=Array.prototype.slice,o=Array.prototype.unshift,p=Object.prototype.toString,q=Object.prototype.hasOwnProperty,r=Object.prototype.propertyIsEnumerable;b.VERSION="0.5.4";b.each=function(a,c,d){try{if(a.forEach)a.forEach(c,d);else if(b.isArray(a)||b.isArguments(a))for(var e=0,f=a.length;e<f;e++)c.call(d,
 a[e],e,a);else{var g=b.keys(a);f=g.length;for(e=0;e<f;e++)c.call(d,a[g[e]],g[e],a)}}catch(h){if(h!=m)throw h;}return a};b.map=function(a,c,d){if(a&&b.isFunction(a.map))return a.map(c,d);var e=[];b.each(a,function(f,g,h){e.push(c.call(d,f,g,h))});return e};b.reduce=function(a,c,d,e){if(a&&b.isFunction(a.reduce))return a.reduce(b.bind(d,e),c);b.each(a,function(f,g,h){c=d.call(e,c,f,g,h)});return c};b.reduceRight=function(a,c,d,e){if(a&&b.isFunction(a.reduceRight))return a.reduceRight(b.bind(d,e),c);
 var f=b.clone(b.toArray(a)).reverse();b.each(f,function(g,h){c=d.call(e,c,g,h,a)});return c};b.detect=function(a,c,d){var e;b.each(a,function(f,g,h){if(c.call(d,f,g,h)){e=f;b.breakLoop()}});return e};b.select=function(a,c,d){if(a&&b.isFunction(a.filter))return a.filter(c,d);var e=[];b.each(a,function(f,g,h){c.call(d,f,g,h)&&e.push(f)});return e};b.reject=function(a,c,d){var e=[];b.each(a,function(f,g,h){!c.call(d,f,g,h)&&e.push(f)});return e};b.all=function(a,c,d){c=c||b.identity;if(a&&b.isFunction(a.every))return a.every(c,
 d);var e=true;b.each(a,function(f,g,h){(e=e&&c.call(d,f,g,h))||b.breakLoop()});return e};b.any=function(a,c,d){c=c||b.identity;if(a&&b.isFunction(a.some))return a.some(c,d);var e=false;b.each(a,function(f,g,h){if(e=c.call(d,f,g,h))b.breakLoop()});return e};b.include=function(a,c){if(b.isArray(a))return b.indexOf(a,c)!=-1;var d=false;b.each(a,function(e){if(d=e===c)b.breakLoop()});return d};b.invoke=function(a,c){var d=b.rest(arguments,2);return b.map(a,function(e){return(c?e[c]:e).apply(e,d)})};b.pluck=
@@ -12,5 +12,5 @@ var c=[];for(var d in a)q.call(a,d)&&c.push(d);return c};b.values=function(a){re
 if(a.isEqual)return a.isEqual(c);if(b.isDate(a)&&b.isDate(c))return a.getTime()===c.getTime();if(b.isNaN(a)&&b.isNaN(c))return true;if(b.isRegExp(a)&&b.isRegExp(c))return a.source===c.source&&a.global===c.global&&a.ignoreCase===c.ignoreCase&&a.multiline===c.multiline;if(d!=="object")return false;if(a.length&&a.length!==c.length)return false;d=b.keys(a);var e=b.keys(c);if(d.length!=e.length)return false;for(var f in a)if(!b.isEqual(a[f],c[f]))return false;return true};b.isEmpty=function(a){return b.keys(a).length==
 0};b.isElement=function(a){return!!(a&&a.nodeType==1)};b.isArray=function(a){return!!(a&&a.concat&&a.unshift)};b.isArguments=function(a){return a&&b.isNumber(a.length)&&!b.isArray(a)&&!r.call(a,"length")};b.isFunction=function(a){return!!(a&&a.constructor&&a.call&&a.apply)};b.isString=function(a){return!!(a===""||a&&a.charCodeAt&&a.substr)};b.isNumber=function(a){return p.call(a)==="[object Number]"};b.isDate=function(a){return!!(a&&a.getTimezoneOffset&&a.setUTCFullYear)};b.isRegExp=function(a){return!!(a&&
 a.test&&a.exec&&(a.ignoreCase||a.ignoreCase===false))};b.isNaN=function(a){return b.isNumber(a)&&isNaN(a)};b.isNull=function(a){return a===null};b.isUndefined=function(a){return typeof a=="undefined"};b.noConflict=function(){j._=n;return this};b.identity=function(a){return a};b.breakLoop=function(){throw m;};var s=0;b.uniqueId=function(a){var c=s++;return a?a+c:c};b.template=function(a,c){a=new Function("obj","var p=[],print=function(){p.push.apply(p,arguments);};with(obj){p.push('"+a.replace(/[\r\t\n]/g,
-" ").split("<%").join("\t").replace(/((^|%>)[^\t]*)'/g,"$1\r").replace(/\t=(.*?)%>/g,"',$1,'").split("\t").join("');").split("%>").join("p.push('").split("\r").join("\\'")+"');}return p.join('');");return c?a(c):a};b.forEach=b.each;b.foldl=b.inject=b.reduce;b.foldr=b.reduceRight;b.filter=b.select;b.every=b.all;b.some=b.any;b.head=b.first;b.tail=b.rest;b.methods=b.functions;var l=function(a,c){return c?b(a).chain():a};b.each(b.functions(b),function(a){var c=b[a];i.prototype[a]=function(){o.call(arguments,
+" ").replace(/'(?=[^%]*%>)/g,"\t").split("'").join("\\'").split("\t").join("'").replace(/<%=(.+?)%>/g,"',$1,'").split("<%").join("');").split("%>").join("p.push('")+"');}return p.join('');");return c?a(c):a};b.forEach=b.each;b.foldl=b.inject=b.reduce;b.foldr=b.reduceRight;b.filter=b.select;b.every=b.all;b.some=b.any;b.head=b.first;b.tail=b.rest;b.methods=b.functions;var l=function(a,c){return c?b(a).chain():a};b.each(b.functions(b),function(a){var c=b[a];i.prototype[a]=function(){o.call(arguments,
 this._wrapped);return l(c.apply(b,arguments),this._chain)}});b.each(["pop","push","reverse","shift","sort","splice","unshift"],function(a){var c=Array.prototype[a];i.prototype[a]=function(){c.apply(this._wrapped,arguments);return l(this._wrapped,this._chain)}});b.each(["concat","join","slice"],function(a){var c=Array.prototype[a];i.prototype[a]=function(){return l(c.apply(this._wrapped,arguments),this._chain)}});i.prototype.chain=function(){this._chain=true;return this};i.prototype.value=function(){return this._wrapped}})();
diff --git a/underscore.js b/underscore.js
index 00cba4746..a29fdc4e0 100644
--- a/underscore.js
+++ b/underscore.js
@@ -38,7 +38,7 @@
       propertyIsEnumerable  = Object.prototype.propertyIsEnumerable;
 
   // Current version.
-  _.VERSION = '0.5.3';
+  _.VERSION = '0.5.4';
 
   // ------------------------ Collection Functions: ---------------------------
 
@@ -561,19 +561,19 @@
 
   // JavaScript templating a-la ERB, pilfered from John Resig's
   // "Secrets of the JavaScript Ninja", page 83.
+  // Single-quote fix from Rick Strahl's version.
   _.template = function(str, data) {
     var fn = new Function('obj',
       'var p=[],print=function(){p.push.apply(p,arguments);};' +
       'with(obj){p.push(\'' +
-      str
-        .replace(/[\r\t\n]/g, " ")
-        .split("<%").join("\t")
-        .replace(/((^|%>)[^\t]*)'/g, "$1\r")
-        .replace(/\t=(.*?)%>/g, "',$1,'")
-        .split("\t").join("');")
-        .split("%>").join("p.push('")
-        .split("\r").join("\\'")
-    + "');}return p.join('');");
+      str.replace(/[\r\t\n]/g, " ")
+         .replace(/'(?=[^%]*%>)/g,"\t")
+         .split("'").join("\\'")
+         .split("\t").join("'")
+         .replace(/<%=(.+?)%>/g, "',$1,'")
+         .split("<%").join("');")
+         .split("%>").join("p.push('")
+         + "');}return p.join('');");
     return data ? fn(data) : fn;
   };