diff --git a/mustache.js b/mustache.js
index 19c8417..78e3949 100644
--- a/mustache.js
+++ b/mustache.js
@@ -2,320 +2,287 @@
   mustache.js — Logic-less templates in JavaScript
 
   See http://mustache.github.com/ for more info.
+  
+  Rewrite as parser by Nathan Vander Wilt, 2010 May 22
 */
 
 var Mustache = function() {
-  var Renderer = function() {};
+  // `sender` is a function to buffer or stream parsed chunks
+  var Renderer = function(sender) {
+    this.send = sender;
+  };
 
   Renderer.prototype = {
     otag: "{{",
     ctag: "}}",
-    pragmas: {},
-    buffer: [],
     pragmas_implemented: {
       "IMPLICIT-ITERATOR": true
     },
-    context: {},
-
-    render: function(template, context, partials, in_recursion) {
-      // reset buffer & set context
-      if(!in_recursion) {
-        this.context = context;
-        this.buffer = []; // TODO: make this non-lazy
-      }
-
-      // fail fast
-      if(!this.includes("", template)) {
-        if(in_recursion) {
-          return template;
-        } else {
-          this.send(template);
-          return;
-        }
+    
+    // state created per-instance to avoid sharing
+    pragmas: null,
+    
+    // the main parser (return value for internal use only)
+    render: function(template, context, partials) {
+      //console.log("Context", context);
+      this.pragmas = {};
+      var tokens = this.splitTemplate(template);
+      //console.log("Tokens", tokens);
+      var tree = this.formTree(tokens);
+      //console.log("Tree", tree);
+      this.renderTree(tree, context, partials, template);
+    },
+    
+    // returns {tag, start, end} or nothing
+    findToken: function(template, startPos) {
+      var tokenStart = template.indexOf(this.otag, startPos);
+      if (tokenStart == -1) return;
+      var tokenEnd = template.indexOf(this.ctag, tokenStart + this.otag.length);
+      if (tokenEnd == -1) {
+        var context = template.substr(tokenStart, 15);
+        throw new Error("Unclosed token '" + context + "...'.");
       }
-
-      template = this.render_pragmas(template);
-      var html = this.render_section(template, context, partials);
-      if(in_recursion) {
-        return this.render_tags(html, context, partials, in_recursion);
+      
+      var tokenInnards = template.slice(tokenStart + this.otag.length, tokenEnd);
+      var tokenParts = tokenInnards.match(/([=%!{&>#^\/])?\s*(.+?)\s*\1?$/);
+      var token = {
+        "operator": tokenParts[1],
+        "tag": tokenParts[2],
+        "text": this.otag + tokenInnards + this.ctag,
+        "start": tokenStart,
+        "end": tokenEnd + this.ctag.length
+      };
+      if (token.operator == "{" && template[token.end] == "}") {
+        // adjust for symmetrical unescaped tag with default delimiters
+        token.end += 1;
       }
-
-      this.render_tags(html, context, partials, in_recursion);
+      return token;
     },
-
-    /*
-      Sends parsed lines
-    */
-    send: function(line) {
-      if(line != "") {
-        this.buffer.push(line);
+    
+    splitTemplate: function(template) {
+      var tokens = [];
+      var token;
+      var parsePosition = 0;
+      while (token = this.findToken(template, parsePosition)) {
+        var text = template.slice(parsePosition, token.start);
+        tokens.push({"text": text, "start": parsePosition, "end": token.start});
+        tokens.push(token);
+        parsePosition = token.end;
+        
+        if (token.operator == "=") {
+          // set new delimiters
+          var delimiters = token.tag.split(" ");
+          this.otag = delimiters[0];
+          this.ctag = delimiters[1];
+        } else if (token.operator == "%") {
+          // store pragma
+          var pragmaInfo = token.tag.match(/([\w_-]+) ?([\w]+=[\w]+)?/);
+          var pragma = pragmaInfo[1];
+          if (!this.pragmas_implemented[pragma]) {
+            throw new Error("This mustache implementation doesn't understand the '" +
+                            pragma + "' pragma");
+          }
+          var options = {}
+          var optionStr = pragmaInfo[2];
+          if (optionStr) {
+            var opts = optionStr.split("=");
+            options[opts[0]] = opts[1];
+          }
+          this.pragmas[pragma] = options;
+        }
       }
+      var finalText = template.slice(parsePosition, template.length);
+      tokens.push({"text": finalText, "start": parsePosition, "end": template.length});
+      return tokens;
     },
-
-    /*
-      Looks for %PRAGMAS
-    */
-    render_pragmas: function(template) {
-      // no pragmas
-      if(!this.includes("%", template)) {
-        return template;
-      }
-
-      var that = this;
-      var regex = new RegExp(this.otag + "%([\\w_-]+) ?([\\w]+=[\\w]+)?" +
-            this.ctag);
-      return template.replace(regex, function(match, pragma, options) {
-        if(!that.pragmas_implemented[pragma]) {
-          throw({message: 
-            "This implementation of mustache doesn't understand the '" +
-            pragma + "' pragma"});
-        }
-        that.pragmas[pragma] = {};
-        if(options) {
-          var opts = options.split("=");
-          that.pragmas[pragma][opts[0]] = opts[1];
+    
+    // NOTE: empties tokens parameter and modifies its former subobjects
+    formTree: function(tokens, section) {
+      var tree = [];
+      var token;
+      while (token = tokens.shift()) {
+        if (token.start == token.end) {
+          // drop empty tokens
+          continue;
+        } else if (token.tag) {
+          if (token.operator == "#" || token.operator == "^") {
+            token.section = true;
+            token.invert = (token.operator ==  "^");
+            token.tree = this.formTree(tokens, token.tag);
+          } else if (token.operator == "/") {
+            if (token.tag != section) {
+              throw new Error("Badly nested section '" + section + "'" +
+                              " (left via '" + token.tag +"').");
+            }
+            break;
+          } else if (token.operator == ">") {
+            token.partial = true;
+          } else if (token.operator == "{" || token.operator == "&") {
+            token.noEscape = true;
+          }
         }
-        return "";
-        // ignore unknown pragmas silently
-      });
-    },
-
-    /*
-      Tries to find a partial in the curent scope and render it
-    */
-    render_partial: function(name, context, partials) {
-      name = this.trim(name);
-      if(!partials || !partials[name]) {
-        throw({message: "unknown_partial '" + name + "'"});
-      }
-      if(typeof(context[name]) != "object") {
-        return this.render(partials[name], context, partials, true);
+        tree.push(token);
       }
-      return this.render(partials[name], context[name], partials, true);
+      return tree;
     },
-
-    /*
-      Renders inverted (^) and normal (#) sections
-    */
-    render_section: function(template, context, partials) {
-      if(!this.includes("#", template) && !this.includes("^", template)) {
-        return template;
-      }
-
-      var that = this;
-      // CSW - Added "+?" so it finds the tighest bound, not the widest
-      var regex = new RegExp(this.otag + "(\\^|\\#)\\s*(.+)\\s*" + this.ctag +
-              "\\s*([\\s\\S]+?)" + this.otag + "\\/\\s*\\2\\s*" + this.ctag +
-              "\\s*", "mg");
-
-      // for each {{#foo}}{{/foo}} section do...
-      return template.replace(regex, function(match, type, name, content) {
-        var value = that.find(name, context);
-        if(type == "^") { // inverted section
-          if(!value || that.is_array(value) && value.length === 0) {
-            // false or empty list, render it
-            return that.render(content, context, partials, true);
-          } else {
-            return "";
+    
+    renderTree: function(tree, context, partials, template) {
+      for (var i = 0, len = tree.length; i < len; ++i) {
+        var item = tree[i];
+        if (item.section) {
+          var iterator = this.valueIterator(item.tag, context);
+          var value;
+          if (item.invert) {
+            value = iterator();
+            if (!value) {
+              this.renderTree(item.tree, context, partials, template);
+            }
+          } else while (value = iterator()) {
+            if (value instanceof Function) {
+              var subtree = item.tree;
+              var lastSubitem = subtree[subtree.length-1];
+              var subtext = template.slice(item.end, lastSubitem && lastSubitem.end);
+              var renderer = function(text) {
+                return Mustache.to_html(text, context, partials);
+              }
+              var lambdaResult = value.call(context, subtext, renderer);
+              if (lambdaResult) {
+                this.send(lambdaResult);
+              }
+            } else {
+              var subContext = this.mergedCopy(context, value);
+              this.renderTree(item.tree, subContext, partials, template);
+            }
           }
-        } else if(type == "#") { // normal section
-          if(that.is_array(value)) { // Enumerable, Let's loop!
-            return that.map(value, function(row) {
-              return that.render(content, that.create_context(row),
-                partials, true);
-            }).join("");
-          } else if(that.is_object(value)) { // Object, Use it as subcontext!
-            return that.render(content, that.create_context(value),
-              partials, true);
-          } else if(typeof value === "function") {
-            // higher order section
-            return value.call(context, content, function(text) {
-              return that.render(text, context, partials, true);
-            });
-          } else if(value) { // boolean section
-            return that.render(content, context, partials, true);
+        } else if (item.partial) {
+          var subTemplate = partials[item.tag];
+          if (!subTemplate) {
+            throw new Error("Unknown partial '" + item.tag + "'");
+          }
+          this.render(subTemplate, context, partials);
+          // TODO: below matches @janl's mustache, but not mustache(5)
+          /*
+          var subContext = context[item.tag];
+          if (typeof(subContext) == "object") {
+            this.render(subTemplate, subContext, partials);
           } else {
-            return "";
+            this.send(subTemplate);
           }
-        }
-      });
-    },
-
-    /*
-      Replace {{foo}} and friends with values from our view
-    */
-    render_tags: function(template, context, partials, in_recursion) {
-      // tit for tat
-      var that = this;
-
-      var new_regex = function() {
-        return new RegExp(that.otag + "(=|!|>|\\{|%)?([^\\/#\\^]+?)\\1?" +
-          that.ctag + "+", "g");
-      };
-
-      var regex = new_regex();
-      var tag_replace_callback = function(match, operator, name) {
-        switch(operator) {
-        case "!": // ignore comments
-          return "";
-        case "=": // set new delimiters, rebuild the replace regexp
-          that.set_delimiters(name);
-          regex = new_regex();
-          return "";
-        case ">": // render partial
-          return that.render_partial(name, context, partials);
-        case "{": // the triple mustache is unescaped
-          return that.find(name, context);
-        default: // escape the value
-          return that.escape(that.find(name, context));
-        }
-      };
-      var lines = template.split("\n");
-      for(var i = 0; i < lines.length; i++) {
-        lines[i] = lines[i].replace(regex, tag_replace_callback, this);
-        if(!in_recursion) {
-          this.send(lines[i]);
+          */
+        } else if (item.operator && !item.noEscape) {
+          // ignore other operators
+        } else if (item.tag) {
+          var rawValue = this.lookupValue(item.tag, context);
+          if (rawValue) {
+            var value = rawValue.toString();
+            this.send((item.noEscape) ? value : this.escapeHTML(value));
+          }
+        } else {
+          this.send(item.text);
         }
       }
-
-      if(in_recursion) {
-        return lines.join("\n");
-      }
-    },
-
-    set_delimiters: function(delimiters) {
-      var dels = delimiters.split(" ");
-      this.otag = this.escape_regex(dels[0]);
-      this.ctag = this.escape_regex(dels[1]);
-    },
-
-    escape_regex: function(text) {
-      // thank you Simon Willison
-      if(!arguments.callee.sRE) {
-        var specials = [
-          '/', '.', '*', '+', '?', '|',
-          '(', ')', '[', ']', '{', '}', '\\'
-        ];
-        arguments.callee.sRE = new RegExp(
-          '(\\' + specials.join('|\\') + ')', 'g'
-        );
-      }
-      return text.replace(arguments.callee.sRE, '\\$1');
     },
-
-    /*
-      find `name` in current `context`. That is find me a value
-      from the view object
-    */
-    find: function(name, context) {
-      name = this.trim(name);
-
-      // Checks whether a value is thruthy or false or 0
-      function is_kinda_truthy(bool) {
-        return bool === false || bool === 0 || bool;
-      }
-
-      var value;
-      if(is_kinda_truthy(context[name])) {
-        value = context[name];
-      } else if(is_kinda_truthy(this.context[name])) {
-        value = this.context[name];
+    
+    // find `name` value in current view `context`
+    lookupValue: function(name, context) {
+      var value = context[name];
+      // evaluate plain-function value (only once)
+      if (value instanceof Function && !value.iterator) {
+        value = value.apply(context);
       }
-
-      if(typeof value === "function") {
-        return value.apply(context);
+      // silently ignore unkown variables
+      if (!value) {
+        value = "";
       }
-      if(value !== undefined) {
+      return value;
+    },
+    
+    objectValue: function(value, context) {
+      if (value instanceof Function) {
         return value;
       }
-      // silently ignore unkown variables
-      return "";
-    },
-
-    // Utility methods
-
-    /* includes tag */
-    includes: function(needle, haystack) {
-      return haystack.indexOf(this.otag + needle) != -1;
-    },
-
-    /*
-      Does away with nasty characters
-    */
-    escape: function(s) {
-      s = String(s === null ? "" : s);
-      return s.replace(/&(?!\w+;)|["<>\\]/g, function(s) {
-        switch(s) {
-        case "&": return "&amp;";
-        case "\\": return "\\\\";
-        case '"': return '\"';
-        case "<": return "&lt;";
-        case ">": return "&gt;";
-        default: return s;
-        }
-      });
-    },
-
-    // by @langalex, support for arrays of strings
-    create_context: function(_context) {
-      if(this.is_object(_context)) {
-        return _context;
+      
+      var obj = (value != null) ? {} : null;
+      if (Object.prototype.toString.call(value) == '[object Object]') {
+        obj = value;
       } else if(this.pragmas["IMPLICIT-ITERATOR"]) {
-        var iterator = this.pragmas["IMPLICIT-ITERATOR"].iterator || ".";
-        var ctx = {};
-        ctx[iterator] = _context;
-        return ctx;
+        // original credit to @langalex, support for arrays of strings
+        var iteratorKey = this.pragmas["IMPLICIT-ITERATOR"].iterator || ".";
+        obj[iteratorKey] = value;
       }
+      return obj;
     },
-
-    is_object: function(a) {
-      return a && typeof a == "object";
-    },
-
-    is_array: function(a) {
-      return Object.prototype.toString.call(a) === '[object Array]';
+    
+    // always returns iterator function returning object/null
+    valueIterator: function(name, context) {
+      var value = this.lookupValue(name, context);
+      var me = this;
+      if (!value) {
+        return function(){};
+      } else if (value instanceof Function && value.iterator) {
+        return value;
+      } else if (value instanceof Array) {
+        var i = 0;
+        var l = value.length;
+        return function() {
+          return (i < l) ? me.objectValue(value[i++], context) : null;
+        }
+      } else {
+        return function() {
+          var v = value;
+          value = null;
+          return me.objectValue(v, context);
+        };
+      }
     },
-
-    /*
-      Gets rid of leading and trailing whitespace
-    */
-    trim: function(s) {
-      return s.replace(/^\s*|\s*$/g, "");
+    
+    // copies contents of `b` over copy of `a`
+    mergedCopy: function(a, b) {
+      var copy = {};
+      for (var key in a) if (a.hasOwnProperty(key)) {
+        copy[key] = a[key];
+      }
+      for (var key in b) if (b.hasOwnProperty(key)) {
+        copy[key] = b[key];
+      }
+      return copy;
     },
-
-    /*
-      Why, why, why? Because IE. Cry, cry cry.
-    */
-    map: function(array, fn) {
-      if (typeof array.map == "function") {
-        return array.map(fn);
-      } else {
-        var r = [];
-        var l = array.length;
-        for(var i = 0; i < l; i++) {
-          r.push(fn(array[i]));
+    
+    // converts special HTML characters
+    escapeHTML: function(s) {
+      var htmlCharsRE = new RegExp("&(?!\\w+;)|[\"<>\\\\]", "g");
+      return s.replace(htmlCharsRE, function(c) {
+        switch(c) {
+          case "&": return "&amp;";
+          case "\\": return "\\\\";
+          case '"': return '\"';
+          case "<": return "&lt;";
+          case ">": return "&gt;";
+          default: return c;
         }
-        return r;
-      }
+      });
     }
   };
 
   return({
     name: "mustache.js",
-    version: "0.3.0-dev",
-
-    /*
-      Turns a template and view into HTML
-    */
-    to_html: function(template, view, partials, send_fun) {
-      var renderer = new Renderer();
-      if(send_fun) {
-        renderer.send = send_fun;
+    version: "0.4.0-dev",
+    
+    // wrap internal render function
+    to_html: function(template, view, partials, sender) {
+      var buffer = [];
+      var renderSender = sender || function(chunk) {
+        if (chunk.length) {
+          buffer.push(chunk);
+        }
       }
+      var renderer = new Renderer(renderSender);
+      
       renderer.render(template, view, partials);
-      if(!send_fun) {
-        return renderer.buffer.join("\n");
+      
+      if (!sender) {
+        return buffer.join("");
       }
     }
   });
-}();
+}();
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