An exploit for another Linux kernel privilege escalation vulnerability has been found. These exploit allows anyone to gain full root access to your server. The exploit seems to be working on all 2.6.x kernels and is not related to the previous exploit. From limited testing, SE Linux is blocking this exploit successfully, so the exploit didn't work on RedHat Enterprise Linux 4, 5 and CentOs machines if they are SE Linux enabled.

One main thing kernel upgrade is not the solution for it because currently all servers are using kernel 2.6.x and kernel 2.7 is still not released but If you run the latest kernel with SElinux, you're safe.

How to enable Selinux on the server:-
Just open the file /etc/selinux/config and then search for SELINUX and change it to 'enforcing'
enforcing - SELinux security policy is enforced.
permissive - SELinux prints warnings instead of enforcing.
disabled - SELinux is fully disabled.

If the selinux is disabled on your server, please enable it.

Hope this helps