According to a New York Times briefing, YouTube access has been restored in China:
The Chinese government has lifted its block of YouTube, the popular video-sharing Web site run by Google. On Friday, people in Beijing access the site without using special software to enter it through a proxy server, a common way of getting around Internet walls put up by the government.
Danwei notes that Chinese IP addresses are rerouted to a Chinese language page:
Youtube now asks you to set up a country preference when you access it, directing Chinese IP addresses to a Chinese language page.
When using proxy servers abroad, Youtube directed my browser to the country in which the proxy server was located.
For more information on the YouTube block, see CDT posts “YouTube Blocked in China; Official Says Video Fake.”