Precision timing measurements of PSR J1012+5307

We present results and applications of high-precision timing measurements of the binary millisecond pulsar J1012+5307. Combining our radio timing measurements with results based on optical observations, we derive complete 3D velocity information for this system. Correcting for Doppler effects, we derive the intrinsic spin parameters of this pulsar and a characteristic age of 8.6 +/-1.9 Gyr. Our upper limit for the orbital eccentricity of only 8x10(-7) (68 per cent confidence level) is the smallest ever measured for a binary system. We demonstrate that this makes the pulsar an ideal laboratory in which to test certain aspects of alternative theories of gravitation. Our precision measurements suggest deviations from a simple pulsar spin-down timing model, which are consistent with timing noise and the extrapolation of the known behaviour of slowly rotating pulsars.