This may be a complete coincidence but in the interests of bug-hunting I hope it might help and not just spread confusion. I've had 1.1.1 crash on me four times this month (new iMac and original MBA both running latest Lion upgrades) on each occasion teleport spontaneously quits and the icon disappears from the menu bar - twice on both machines: first one, then the other within a few seconds. Relaunches easily enough by re-checking the activation box in system prefs but I have to re-authenticate.
Exception Type: EXC_BAD_ACCESS (SIGSEGV)
Thread 0 Crashed:: Dispatch queue: com.apple.main-thread
0 libobjc.A.dylib 0x00007fff8f5e7158 objc_msgSend_vtable5
The only thing I can add that may or may not be relevant is that I'm pretty sure that I've been using Skype to make voice calls when it happens. I was curious as to whether anyone else is experiencing the same set of circumstances.