Nokia has pushed out an update for all Ringtone Maker users. The Nokia exclusive app, which can be found in the Nokia Collection, enables the creation of ringtones from music files stored locally on the Windows Phone 8 device. While Xbox Music tracks are not supported (unless purchased), it's a great little app to create some fresh new tunes.
Version 220.127.116.11 appears to extend the duration limit to 60 seconds, matching what was introduced in the beta version. We can't tell if anything else is added, so be sure to shout out in the comments should you notice anything else that's new. You can download Ringtone Maker from the Nokia Collection on the Windows Phone Store. Windows Phone 7.x version is still stuck on older release.