Today, Apple released an update to iTunes that brings much needed improvements to the MiniPlayer, including a playback bar with a scrubbing playhead.
The update also brings another MiniPlayer view that includes album art (shown above). Previously, there was a similar function that you could get by double-clicking on the album art, but now both views have been consolidated and more useful controls have been added including audio output (which includes but is not limited to AirPlay access), and search.
Download Link for itunes v11.02.25 : http://adf.ly/P6djW
Official Apple website for itunes : http://adf.ly/P6dXm