Standalone Java Meterpreter
The documentation out there on the web is somewhat out-of-date when it comes to compiling and executing a standalone Java Meterpreter payload, and as it's yet to become part of the core features of the Metasploit framework , I expect these steps to change again in the future. In the past you could use loader.jar to run the payload, though this is no longer included in the tree - instead, compile your own, using Payload.java (included in the tree):
Create the Meterpreter JAR: