I tore it.Required surgery,and instead of sewing the torn piece back on they snipped it off. Shorter recovery time that way( like 3 weeks? cant really remember). I didnt need any physical therapy, either.
If they end up sewing it back on, you could be looking at much longer recovery times, but your knee will hold up better down the road. All in all it sucks, but its not as bad as some other knee injuries.