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As always, when deciding on these MVP rankings, we factor in individual player production (via both standard stats and advanced metrics) as well as team performance/success…
 
Front Runners:

1. Derrick Rose – Chicago Bulls (24.7 ppg, 4.7 rpg, 8.0 apg):
It has been an eventful few days for the Windy City’s favorite point guard.  First, Rose was named Eastern Conference Player of the Week, after averaging 27.3 points (tied for fifth in the Conference) 6.8 assists and 5.3 rebounds and guiding Chicago to three victories.  D Rose also recorded his first career triple-double (22 points, 12 assists, and 10 boards) in a win over the Grizzlies on Monday.  As we have noted in this space all year long, he is having a legitimate breakout season.  Despite the Bulls missing two key cogs for extended stretches this season (both Carlos Boozer and Joakim Noah have been sidelined due to injuries), Rose has been the supremely steady hand, powering Chicago’s offense on a nightly basis.  And while most of Rose’s MVP buzz is generated from his incredible offensive production, his improvement on defense has been spectacular as well.  Rob Mahoney, on The New York Times NBA blog, does an excellent job of examining this theme in detail:

2. Amar’e Stoudemire – New York Knicks (26.4 ppg, 8.8 rpg, 2.6 apg):
The Knicks are struggling right now.  Losers of four straight, New York travels to San Antonio on Friday night and then to OKC on Saturday.  A six-game losing streak is a real possibility at this point.  However, we can’t pin those losses on Amar’e.  Per the good folks at Elias: "The Rockets beat the Knicks by 15 points on Wednesday, but they didn’t slow down Amar’e Stoudemire (25 points, one blocked shot). Stoudemire has scored at least 20 points and blocked at least one shot in each of his last 26 games. That’s the longest streak of its kind by an NBA player since Patrick Ewing’s 26-game streak in 1990 (Jan. 25-March 23). Only one player has had a longer streak of consecutive 20-point games with at least one blocked shot since the league began keeping track of rejections in 1973-74. That was Kareem Abdul-Jabbar (39 straight games in 1974-75)." 
 
3. Dwight Howard – Orlando Magic (21.9 ppg, 13.1 rpg, 2.2 bpg):
After some sloppy play early on this season, D Howard has ratcheted up his efficiency of late.  In the 14 games Howard played in December, he averaged 4.1 turnovers in the 36 minutes he played each night.  Through the nine games he has played since the calendar flipped to 2011, Howard is averaging just 3.3 turnovers, despite playing more than 39 minutes per game.  Superman is also shooting a much higher percentage from the floor (59.2% vs. 52.4%) and is connecting on 65.8% of his free-throws, which certainly represents improvement for Dwight.  In addition, he is averaging 24.6 PPG this month, a season-best.  However, we all know the defensive end is where Howard wreaks the most havoc.  As a near certain lock to take home his third straight DPOY award, Howard will be in the MVP conversation all season long.     
 
4. Kobe Bryant – Los Angeles Lakers (25.1 ppg, 5.1 rpg, 4.7 apg):
With Pau Gasol not producing as he had early on, Kobe has stepped up his game in order to push the Lakers past their mid-season doldrums.  Bryant is currently enjoying his best month of the season; through 11 January contests, Kobe is averaging a season-high 34 minutes, while shooting nearly 49% from the floor and dishing out 5.6 dimes.   
 
5. Dirk Nowitzki – Dallas Mavericks (23.5 ppg, 7.3 rpg, 2.5 apg):
Dirk finally returned from a sprained knee late last week, just in the knick of the time for the slumping Mavs – who had lost seven of the nine games he missed.  Dirk and the Mavericks halted a six-game losing skid by beating the Lakers on Wednesday night.  
 
In the Race:
Chris Paul – New Orleans Hornets (16.3 ppg, 4.1 rpg, 9.7 apg):
Winner of six straight and eight of their last 10, the Hornets are back in track.  And any time New Orleans is winning ball games, you can bet your bottom dollar that Chris Paul is playing a major part in their success.  
 
Russell Westbrook – Oklahoma City Thunder (22.5 ppg, 5.0 rpg, 8.4 apg):
{AUTHOR_BOX}With as well as he is playing, it is getting difficult to keep Westbrook out of the top-five.  He was named "Western Conference Player of the Week" for games played Jan. 10-16.  Westbrook averaged 27.5 points, a league-best 13.0 assists and 9.0 rebounds to help the Thunder go 2-0. He recorded his second triple-double of the season on Jan. 13, in the win over Orlando. Oklahoma City has a 12-3 record when Westbrook hands out 10-plus assists.  In the two games since being honored, Russell has averaged 30 points and 11 dimes.

Deron Williams – Utah Jazz (22.1 ppg, 3.8 rpg, 9.5 apg):
The Jazz, on the other hand, have lost four of their previous seven games.  However, D-Will has poured in at least 20 points in four consecutive contests, with double-digit assists in four of his last five… 
 
LeBron James – Miami HEAT (25.4 ppg, 7.0rpg, 7.2 apg):
The game after his infamous "karma" tweet, LeBron, ironically enough, sprained an ankle in a loss to the Clippers.  In addition, the HEAT have now lost four straight.  Nonetheless, LeBron’s numbers continue to improve.  The King’s monthly scoring averages, starting in October and progressing through January, read: 20.5, 24.6, 25.2, and 31.3 ppg.  His rebounding numbers have climbed each month as well.  In addition, James can now lay claim to the top PER rating in the NBA, surpassing both CP3 and D Wade    
 
Dwyane Wade – Miami HEAT (25.1 ppg, 6.5 rpg, 4.2 apg):
Much like LeBron, Wade’s numbers have also spiked since the slow start in November.  However, as mentioned numerous times here and elsewhere, the HEAT’s two superstars are going to steal MVP votes from each other.   
 
Manu Ginobili – San Antonio Spurs (19.0 ppg, 4.0 rpg, 4.8 apg):
The Spurs keep steamrolling through the rest of the league, due to the assorted contributions from arguably the league’s most well-rounded roster.  Singling out one Spur is difficult, but I’ll go with Manu, who is having one of the best seasons of his career.  
 
Rajon Rondo – Boston Celtics (10.6 ppg, 4.4 rpg, 13.4 apg):
The C’s have distanced themselves from the pack in the East, and now have a three-game lead over Miami for the best record in the conference.  The Celtics owe their success primarily to their dominant Big 4, but if we have to choose one Celtic as ‘most valuable,’ we’ll go with the versatile Rondo.

Kevin Durant – Oklahoma City Thunder (28.2 ppg, 6.2 rpg, 2.9 apg):
Durant has been a beast since the start of December, but with Westbrook playing as well as he has, it dampens Durant’s MVP buzz (not that he’s complaining).