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Tumor types: Adults age greater than 18 years with relapsed or refractory acute leukemias or high-risk myelodysplasias (MDS), including primary refractory disease Performance Status: ECOG 0-2 Abnormal Organ Function Permitted: � Multilineage bone marrow failure � Serum creatinine less than 2.0 mg/dl � Hepatic enzymes (AST, ALT) less than 3x upper limit of normal (ULN) � Bilirubin less than 2.0 mg/dl, unless due to Gilbert's disease, hemolysis or leukemic infiltration � Left ventricular ejection fraction � 45% � QTc less than 470 msec � RB expression is required for the action of PD 0332991. Because rb deletions and mutations are rare in acute leukemias and MDS, screening for RB expression will not be required before enrollment. Pretreatment biopsies will be stored and analyzed for RB expression if needed subsequently. Prior Therapy: � No more than 5 cytotoxic regimens � Previous allogeneic or autologous stem cell transplantation permitted � � 3 weeks delay from prior cytotoxic chemotherapy or radiation therapy � � 2 week delay from prior biologic therapies including hematopoietic growth factors and vidaza or decitabine � If using Hydroxyurea, steroids, tyrosine kinase/src kinase inhibitors, arsenic, interferon for count control, must be off therapy for greater than 48 hours prior to beginning PD 0332991 � No concomitant use of potent CYP450 3A4 inhibitors (e.g. triazole antifungal agents) or inducers (e.g. omperazole, dilantin, dexamethasone) within 7 days prior to beginning PD 0332991