Android Studio 2.3 Canary 2 to the Canary and Dev channels. This build contains a large number of bug fixes and a handful of new features.

Below are highlights of some of the major changes in this release:

Lean Navigation Updates

we have an updated toolbar with the AVD & SDK Manager icons for those who just use the lean Navigation Toolbar and not the full Toolbar.

Bugs:

• Applying Patches from Android Studio Canary 1 was broken. A fix should be in Canary 2 going forward. (SDK Patches continue to be broken and we are still working on a fix for this new feature.)
• Android Studio and the Kotlin plugin should now be functional again.
• Many other bug fixes as well.

To download go to the Canary channel page or switch automatic updates to the Canary channel by following the steps below.

1. Open the Settings dialog (File > Settings on Windows/Linux, or Android Studio > Preferences on Mac).
2. In the left panel, select Appearance & Behavior > System Settings > Updates, then select a channel from the drop-down list.

Update 12/15/2016

Beta 1 of Android Studio is now available in the Canary,  Dev and Beta Channels.  Check out the full details at the source link below.

Source