Open OculusSetup.exe and follow the onscreen instructions to install the latest version of the Oculus app.
Next, download the patch itself. When launching the Oculus desktop software, users received an error message indicating the software couldn't connect with the Oculus Runtime Service. Until then Oculus Rift owners will have to settle for plain old boring regular reality.
All you have to do is head to oculus.com/rift-patch/ and click on "Download Install Patch".
Once it's finished, you'll get a pop-up.
Restart the Oculus software by executing the following commands in the same cmd window.
After nearly a full day of downtime, Oculus has finally resolved the major issue that plagued nearly every Rift around the world: they had stopped working.
If you tried your own homebrew method yesterday or some other kind of workaround, it's possible that you broke something. It's probably best to just wait for Oculus to fix it, unfortunately.