For advanced users – If you need a minimal distribution that includes a GUI and run entirely out of RAM, TinyCore might be right for you. It includes only a minimal set of tools that you can use to build up a complete system with only what you need. The complete announcement can be found here http://forum.tinycorelinux.net/index.php/topic,16551.msg98689.html and a review is here http://www.linuxuser.co.uk/reviews/picore-5-1-review-tinycore-comes-to-raspberry-pi. I will say that I do not entirely agree with the review and I give TinyCore higher marks than the reviewer.
UPDATE TinyCore v6.0 is now available here