display current date in (‘F j, Y’)

I’m trying to display the CURRENT date in wordpress using php in this format (‘F j, Y’).

I know of these:

<?php echo('Current time: ' . current_time(mysql) . '<br />'); ?>
<?php echo('Current timestamp: ' . current_time(timestamp)); ?>

but the output is this:
Current time: 2005-08-05 10:41:13
Current timestamp: 1123238473

I want the output to be in this format:
October 23, 2007

anyone? i’ve been searching all over for this answer. gah.