According to the WSJ Steve Jobs had a liver transplant two months ago In Tennessee (which has the shortest waiting list in the country and no residency requirements):

Adding a new twist to the medical mystery surrounding the world’s most famous corporate executive, Apple CEO Steve Jobs received a liver transplant about two months ago, The Wall Street Journal reported on its Web site Friday night.

Pancreatic cancer (which he had in 2004) usually metastasizes in the liver:

William Hawkins, a doctor specializing in pancreatic and gastrointestinal surgery at Washington University in St. Louis, ?told the Journal that the type of slow-growing pancreatic tumor Jobs had will commonly metastasize in another organ during a patient’s lifetime, and that the organ is usually the liver.

This is, of course, all speculation since Jobs hasn’t confirmed what illness he is fighting. Which is smart given people’s reaction to cancer. It’s an immediate death sentence in the eyes of the public and could mean a big dip in Apple’s stock prices and confidence in the viability of the company. Even if Jobs’ chances of beating cancer were good, most would assume he wasn’t going to make it.
But cancer isn’t a death sentence in every case, it can be beat. I’m on the verge of doing just that. I finished my chemo treatment and next week I will be officially declared cancer free (Lord willing). I didn’t think I’d make it this far since my grandma never made it into remission (though, the surgeon did promise me I’d be in remission by summer). I’m blessed to be living at a time when there are skillful surgeons and oncologists who can successfully treat cancer patients. And so is Steve Jobs.