Yesterday, Apple released an update to Java on OS X to include a removal tool for common variants of the Flashback malware. A few minutes ago, Apple also released a standalone version of the Flashback malware removal tool, which contains the same code found in "Java for OS X 2012-003".
The removal tool has also been released in a standalone package installer for those users who don't have Java installed on their computers. Once installed, if malware is found, "a dialog will be presented notifying the user that malware was removed". In some cases, completely deleting the Flashback malware might require a system restart.