We present observations of Sakurais Object obtained at 1-5um between 2003 and 2007. By fitting a radiative transfer model to an echelle spectrum of CO fundamental absorption features around 4.7um, we determine the excitation conditions in the line-fo
rming region. We find 12C/13C~3.5, consistent with CO originating in ejecta processed by the very late thermal pulse, rather than in the pre-existing planetary nebula. We demonstrate the existence of 2.2e-6<M<2.7e-6 Msun of CO ejecta outside the dust, forming a high-velocity wind of 500+/-80 km/s. We find evidence for significant weakening of the CO band and cooling of the dust around the central star between 2003 and 2005. The gas and dust temperatures are implausibly high for stellar radiation to be the sole contributor.
The latest outburst of the recurrent nova RS Oph occurred in 2006 February. Photometric data presented here show evidence of the resumption of optical flickering, indicating re-establishment of accretion by day 241 of the outburst. Magnitude variatio
ns of up to 0.32 mag in V-band and 0.14 mag in B on timescales of 600-7000 s are detected. Over the two week observational period we also detect a 0.5 mag decline in the mean brightness, from V~11.4 to V~11.9, and record B~12.9 mag. Limits on the mass accretion rate of ~10^{-10} to 10^{-9} Msun/yr are calculated, which span the range of accretion rates modeled for direct wind accretion and Roche lobe overflow mechanisms. The current accretion rates make it difficult for thermonuclear runaway models to explain the observed recurrence interval, and this implies average accretion rates are typically higher than seen immediately post-outburst.
