Using Steam? Simply update TML through Steam.
Not updating? Relaunch Steam. Please note it sometimes can take a while for the update to reach every Steam client.

Other:

• Updated hashes for v1.4.0.5 Terraria
• Add warning messages for attempting to load 1.4 worlds and players
• Various typos and localization updates
• UICommon textures are now public

Fixes:

• Fix modded banner tooltips
• Fix MysteryTile tooltip in multiplayer