Here is a nice addition to your .bash_profile, so as to have a cool git aware prompt:
export CLICOLOR=1
export LSCOLORS=gxBxhxDxfxhxhxhxhxcxcx
source ~/.git-completion.sh
PS1='\[\033[34m\]\W\[\033[0m\]$(__git_ps1 " (\[\033[35m\]%s\[\033[0m\])") \$ '
GIT_PS1_SHOWDIRTYSTATE=1
GIT_PS1_SHOWSTASHSTATE=1
GIT_PS1_SHOWUNTRACKEDFILES=1
GIT_PS1_SHOWUPSTREAM="auto"
.git-completion.sh can be found in the git repository.