You can transfer points from the current Use Year (at this time, everyone is still in their 2011 UY) and from the next Use Year (2012). Members are allowed one such transfer, either into or out of their Use Year.
You could make two transfers with one call to MS - where you could transfer points tomorrow from your 2011 Use Year into another member's 2011 Use Year and also make a transfer from your 2012 Use Year into another member's 2012 Use Year.
If you have a February Use Year, you could call again on Feb. 1 and transfer points from your 2013 Use Year into another member's 2013 Use Year (providing they also had a Feb UY).
Enjoy!