Ableton announced Live 8.2.5:
Live 8.2.5 now officially supports Mac OS X 10.7 Lion – please make sure to check that all of your third-party plug-ins and audio/MIDI hardware are Lion-compatible before upgrading your OS.
Live 8.2.5 introduces significant improvements to MIDI sync, in addition to other feature changes and bugfixes. For the full list of what’s new in Live 8.2.5, please see the latest release notes.
See the Ableton site for details.