According to the improved auto aupdate dialogs and user experience features which went into u7b02-pit bundles, the java update bubble icon is changed but the java icon in the control panel is still the same old java icon.

Attached is the screen shot of the contol panel and system tray java icons.

To see the java icon in control panel

Install jre 1.5.0_07-b02-pit bundle
Open Control Panel and goto update tab
Observe the Java icon