In the tests, Time.now is set to 2006-08-16.

The test in line 371 says:
    time = parse_now("05/06")
    assert_equal Time.local(2007, 5, 6, 12), time

If there is a date without a year, with day/month before NOW, it should be suggested to be next year.

For the word parsing feature, the behavior should be the same - this is what my fix changes.