Index: modules/user/user.module
===================================================================
RCS file: /cvs/drupal/drupal/modules/user/user.module,v
retrieving revision 1.1207
diff -u -p -r1.1207 user.module
--- modules/user/user.module	8 Oct 2010 05:28:30 -0000	1.1207
+++ modules/user/user.module	11 Oct 2010 19:19:44 -0000
@@ -2619,7 +2619,9 @@ Your account on [site:name] has been can
   }
 
   if ($replace) {
-    return token_replace($text, $variables, array('language' => $language, 'callback' => 'user_mail_tokens'));
+    // We do not sanitize the token replacement, since the output of this
+    // replacement is intended for an e-mail message, not a web browser.
+    return token_replace($text, $variables, array('language' => $language, 'callback' => 'user_mail_tokens', 'sanitize' => FALSE));
   }
 
   return $text;