Bed

Beds allow the player to skip to the next dawn. In SMP, this will only happen when all players sleep. In another later update, the last bed the player slept in will serve as the player's respawn point the next time they die.The item was added in the 1.3 Update

The bed was added in Minecraft release Beta 1.3

Crafting
The bed may only be used during the night, and when used you automatically go to the next day.