I bought the t01 II under the notion that it will work with protected 14500 battery (in my case, orbtronic 14500). Boy, was I wrong. T01 is exactly the same as the previous version beside the tailcap lanyard loop and the pressed stainless steel bezel. The "updated" version will not accept protected 14500, only unprotected ones that have the same length as AA batteries.
One thing I did noticed is that the new version seems to drive the LED's harder. Using the same eneloop battery, I tested the two versions in my rough ceiling bounce test. In this test, I used an android app that measures lux via the smartphone light sensor. Results yielded a slightly higher lux reading on the t01 II compared to the original t01.
That being said, I am still disappointed with the fact that the flashlight will not accept protected 14500 cells, in my case orbtronic 840mah 14500. Granted, the new model is cheaper than the old version so it has that as a saving grace.
Manker, if you are reading this, I implore that you make the necessary changes on t01 wherein the flashlight will be able to accept 14500 batteries that are 52mm + in length.