I recommend the old version. Here's why:
I ran the same process described on the portablefreeware site using Universal Extractor. Unfortunately, the new version (run portably) will not allow options for writing twice, working in the background, or the new feature of overwriting with more secure random data. (These options are grayed out and cannot be modified.)
I've contacted the company about this problem.
If someone has a work around, here are the two versions:
Ours: 1.0
http://www.portablefreeware.com/?id=1202
Theirs: 1.2
http://www.cezeo.com/products/disk-redactor/
Disk Redactor 1.2 Update Problems
Nevermind
Eraser (http://www.portablefreeware.com/?id=267) is a MORE than adequate replacement for Redactor, is GPL'd, and has far more features.