SN 2011fe is the official designation for a super nova that was discovered a few weeks ago. It has just reached its peak and should be visible through a good pair of binoculars in the galaxy M101. It should then fade slowly over the coming days.
View the news release here: http://www.ox.ac.uk/media/news_stories/2011/110907.html
M101 on this graphic will show you where to look: http://en.wikipedia.org/wiki/File:Ursa_Major_IAU.svg