http://www.minecraftforum.net/topic/249637-147-optifine-hd-b4-fps-boost-hd-textures-aa-af-and-much-more/

For maximum FPS use:
- Graphics: Fast
- Render Distance: Short/Tiny
- Smooth Lighting: OFF
- Performance: Max FPS
- AdvancedOpenGL: Fast
- Clouds: OFF
- Fog: OFF
- Animations: All OFF
- Sky: OFF
- Stars: OFF

Tips and tricks:

1. Download the latest Java 7 builds from here: http://download.java.net/jdk7/. Minecraft should run much smoother with less lag spikes. It really helps.
2. Set the Java process to higher priority
3. Set "Limit framerate" to Max FPS. The limiter is so implemented that it always decreases the FPS.
4. Update LWJGL from here.
5. Lauch Minecraft with less memory (yes, really). Usually it does not need more than 350 MB and runs fine on all settings with the default texture pack. By default java allocates way too much memory (1GB) which may get swapped to disk and the overall performance may suffer a lot. To start Minecraft with less memory:
Download and start the Magic Launcher.
Click Setup, click tab Advanced
Enter 350 in the field "Memory"
Click OK
Login and play
6. Check your computer for malware and viruses - even "harmless" malware programs may affect badly the Minecraft performance.