I assume Doc's reference to May 11 is because of the current 11 month home priority window. To clarify further, you can currently (NOW) borrow your 2002 use year points for stays starting as early as 1 Sept of this year (2001). Though you must observe the 11/7 month priority windows, you can eventually borrow your 2002 points for stays ending by 31 August, 2002. Remember that banked and borrowed points cannot be returned to the year they came from.
Since you can only reserve 11 months ahead at your home resort, you can't make a reservation past next May at this time. So, as of tomorrow morning, you can borrow for a reservation between Sep 1, 2001 and May 11, 2002.