This paper presents an improved optical design for the LSST, an f/1.25 three-mirror telescope covering 3.0 degrees full field angle, with 6.9 m effective aperture diameter. The telescope operates at five wavelength bands spanning 386.5 nm to 1040 nm (B, V, R, I and Z). For all bands, 80% of the polychromatic diffracted energy is collected within 0.20 arc-seconds diameter. The reflective telescope uses an 8.4 m f/1.06 concave primary, a 3.4 m convex secondary and a 5.2 m concave tertiary in a Paul geometry. The system length is 9.2 m. A refractive corrector near the detector uses three fused silica lenses, rather than the two lenses of previous designs. Earlier designs required that one element be a vacuum barrier, but now the detector sits in an inert gas at ambient pressure, with the last lens serving as the gas barrier. Small adjustments lead to optimal correction at each band. Each filter has a different axial thickness, and the primary and tertiary mirrors are repositioned for each wavelength band. Features that simplify manufacturing include a flat detector, a far less aspheric convex secondary (10 μm from best fit sphere) and reduced aspheric departures on the lenses and tertiary mirror. Five aspheric surfaces, on all three mirrors and on two lenses, are used. The primary is nearly parabolic. The telescope is fully baffled so that no specularly reflected light from any field angle, inside or outside of the full field angle of 3.0 degrees, can reach the detector.