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Here is a 3-sentence summary for a technical security audience:
Chaotic Eclipse has released a proof-of-concept (PoC) for a Windows privilege escalation zero-day vulnerability, MiniPlasma, which grants attackers SYSTEM privileges on fully patched Windows systems, including Windows 11. The vulnerability, codenamed "cldflt.sys," impacts the Windows Cloud Files Mini Filter Driver and is still present despite Microsoft's initial patch in December 2020. The vulnerability was discovered by Chaotic Eclipse researcher James Forshaw, who found it in Google Project Zero's September 2020 report, and was initially thought to be fixed, but further investigation has confirmed that it remains unpatched.