Update
Ironically, a few weeks after I posted the previous answer, two Chinese researchers, Tao Xie and Dengguo Feng, published a new single-block collision for MD5. I was unaware of that paper until now. A single MD5 block means that the input size is 64 bytes or 512 bits. Note that the inputs are mostly the same, differing only in 2 bits.
Their methodology won't be published until January 2013, but their collision can be verified now, using numbers from the paper:
>>> from array import array
>>> from hashlib import md5
>>> input1 = array('I', [0x6165300e,0x87a79a55,0xf7c60bd0,0x34febd0b,0x6503cf04,
0x854f709e,0xfb0fc034,0x874c9c65,0x2f94cc40,0x15a12deb,0x5c15f4a3,0x490786bb,
0x6d658673,0xa4341f7d,0x8fd75920,0xefd18d5a])
>>> input2 = array('I', [x^y for x,y in zip(input1,
[0, 0, 0, 0, 0, 1<<10, 0, 0, 0, 0, 1<<31, 0, 0, 0, 0, 0])])
>>> input1 == input2
False
>>> md5(input1).hexdigest()
'cee9a457e790cf20d4bdaa6d69f01e41'
>>> md5(input2).hexdigest()
'cee9a457e790cf20d4bdaa6d69f01e41'
Update: The paper has been published in March 2013: Tao Xie and Fanbao Liu and Dengguo Feng - Fast Collision Attack on MD5
However, if you have more room to play with, collisions of a few kilobytes are MUCH faster to calculate -- they can be calculated within hours on ANY regular computer.
Old answer
The previous shortest collision used at least two MD5 blocks worth of input -- that's 128 bytes, 1024 bits. A prefix in the first block can be chosen arbitrarily by the attacker, the rest would be computed and appear as gibberish.
Here's an example of two different colliding inputs, you can try it yourself in Python:
>>> from binascii import unhexlify
>>> from hashlib import md5
>>> input1 = 'Oded Goldreich
Oded Goldreich
Oded Goldreich
Oded Go' + unhexlify(
... 'd8050d0019bb9318924caa96dce35cb835b349e144e98c50c22cf461244a4064bf1afaecc582'
... '0d428ad38d6bec89a5ad51e29063dd79b16cf67c12978647f5af123de3acf844085cd025b956')
>>> len(input1)
128
>>> md5(input1).hexdigest()
'd320b6433d8ebc1ac65711705721c2e1'
>>> input2 = 'Neal Koblitz
Neal Koblitz
Neal Koblitz
Neal Koblitz
' + unhexlify(
... '75b80e0035f3d2c909af1baddce35cb835b349e144e88c50c22cf461244a40e4bf1afaecc582'
... '0d428ad38d6bec89a5ad51e29063dd79b16cf6fc11978647f5af123de3acf84408dcd025b956')
>>> md5(input2).hexdigest()
'd320b6433d8ebc1ac65711705721c2e1'
Generating these two particular inputs took 2 days on a 215-node Playstation 3 cluster, by Mark Stevens :)