Updating from 51a to 51b has caused extreme lag: blocks take a while to break, my framerate is lower (running server and client on same machine), entities don't react for several seconds, rubber banding, slow world loading, etc.
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Please force a crash by pressing F3 + C for 10 seconds while in-game and attach the crash report ([minecraft|http://hopper.minecraft.net/help/finding-minecraft-data-folder]/crash-reports/crash-<DATE>-client.txt
) here.
Also, is this occurring in an already existing world, or new ones?

The issue is with the server so I can't force a crash but I can include the latest.log

Please force a crash of your client and attach it here.

Confirmed on Windows 8.1 as well. It occurs on single player worlds as well. It can most easily be replicated with slimeblock elevators. Their behavior is inconsistent due to redstone lag and rubber banding.