If you want to invest in ethanol, I'd go with Pacific Ethanol (PEIX). For two reasons:
After skyrocketing to $40 a share last May, the stock has suffered a major correction and is trading in a range of 14 to 18 bucks. Seems like a relatively low risk buy-in price, especially if you can get in at about $15.
But even more importantly, Bill Gates (yup, THAT Bill Gates) has worked a deal with PEIX and has commited to invest a boatload of his own money into the company. Google this up for more info.
And that's all I need to know. Bill Gates doesn't invest his money into losing companies - if he's in PEIX then I need to be in it too!!