This is Terminal Here, a plugin for Sublime Text 2 for Mac OS X 10.7+ that allows you to open a terminal window in the directory the file you're currently editing is showing.
If you want to map a different key to this, you need to map to the
Assuming you've got git installed (you don't? shame on you!)
cd ~/Library/Application Support/Sublime Text 2/Packages/User git co git://github.com/2shortplanks/TerminalHere.git
cd ~/Library/Application Support/Sublime Text 2/Packages/User/TerminalHere git pull