Index: wp-admin/includes/user.php
===================================================================
--- wp-admin/includes/user.php	(revision 17565)
+++ wp-admin/includes/user.php	(working copy)
@@ -185,7 +185,7 @@
 		$user_id = wp_update_user( get_object_vars( $user ) );
 	} else {
 		$user_id = wp_insert_user( get_object_vars( $user ) );
-		wp_new_user_notification( $user_id, isset($_POST['send_password']) ? $pass1 : '' );
+		wp_new_user_notification( $user_id, isset($_POST['send_password']) ? stripslashes( $pass1 ) : '' );
 	}
 	return $user_id;
 }