Lots of cheering in Vatican Square. Cables are cautious…no bells ringing yet. Jeff Jarvis is watching. View the “Smoke Cam.”

FNC’s Chris Wallace: “I don’t have a clue.”

More on the Papal Conclave.

12:04pm. The bells are tolling. Wallace: “We have a pope.” Crowd going wild.

“Habemus Papam.”

12:28pm. Who will it be? Here’s the odds checker on the next Pope. Cardinal Ratzinger is the favorite. This story airs the cardinals’ “dirty laundry.” NPR covers Ratzinger here.

Kathryn Lopez doubts its Ratzinger; provides more links.

Washington Post’s latest coverage, with reax to Ratzinger’s blunt sermon earlier this week, is here.

Archbishop Desmond Tutu wants a black pope; is pulling for Nigerian cardinal Francis Arinze.

12:45pm. The choice: Cardinal Ratzinger. The Ratzinger Fan Club websites will be elated. Betcha didn’t know there were so many!

More: E.J. Dionne in today’s Washington Post on Cardinal Ratzinger’s challenge.

The Cardinal’s papal name: Pope Benedict XVI. Jeff Harrell notes the historical significance and symbolism of Ratzinger’s choice.

Watch Vatican TV live online.

Update: The vile Pope-bashing on the Left has begun. (Hat tip: Slublog.) The Armageddon Project spots another smear from Reuters.

Regarding the Nazi charges, Sam Ser of the Jerusalem Post offers a defense of Ratzinger here.

Update II: More Pope-bashing.

Professor Bainbridge sez…Andrew Sullivan is an Ass.

PunditGuy covers the story. And Carpe Bonum. The Anchoress is all over it, too.