PyPy 2.1 targets a Python 2.7.3 implementation and is their first official release to support their Python just-in-time compiler for the ARMv6/ARMv7 architecture. This PyPy ARM work was done with support from the Raspberry Pi Foundation. The ARM support includes ARMv6 and ARMv7 with VFPv3 and they suport both armhf/gnueabihf and armel/gnueabi builds.
Besides PyPy 2.1 having JIT support for ARM, there's also stacklet support for ARM, improved logging performance for all architectures, faster set of objects, interpreter improvements, numpy bug-fixes, and various other fixes.
More details on PyPy 2.1 are available from the project's blog announcement.