While we wouldn’t necessarily call the 2007 Saleen/Parnelli Jones Limited Edition Mustang the Best of Show overall at the NYIAS, it has easily nabbed the title of Best Mustang of Show. That’s not an insignificant feat considering Ford itself let two new ponies out of its corral – the “California Special” and the GT350H – and had the Shelby GT500 on display.

Following Ford back into the past, Steve Saleen and Parnelli Jones have faitfully recreated the 1970 Boss 302 Mustang that Parnelli himself piloted back in 1970, right down to Grabber Orange paint, shaker hood and Watts linkage rear suspension. (You engineers out there should appreciate the effort that must have went into putting that last item on the list.)

As we said in our earlier post, the Parnelli LE Mustang pumps 370 hp and 370 ft-lbs. of torque out of Ford’s modular V8. We also told you it would cost somewhere in the $50,000 range. Now we know that Steve and company only plans to build and sell 500 units, and Parnelli has dibs on the first one.

Follow the jump for more live detail shots of the Parnelli Mustang.