Taxonomy menu block

Taxonomy Menu Block allows you to make blocks containing unordered lists that represent the structure of your vocabularies, creating a menu out of your taxonomies (without using Drupal's menu system).

TMB combines the idea of Taxonomy menu with the workings of Menu block:

• Make multiple menus per vocabulary.
• "Split" the taxonomy into different menus.
  This allows, for example, the creation of one menu with only the top items (parents) of a vocabulary and another menu with only the sub-items (children).
• Make a menu out of a specific branch of your vocabulary only.
• Follow the active trail, also for nodes coupled to a term with a term reference field.

Taxonomy Menu Block also comes with its own theme function and a few hooks (see the .api.php file) that allows you to alter the generated data to your needs.

Read the documentation for more information.

The difference between this module and Taxonomy menu is the approach: this module does not make use of Drupal's menu system. Taxonomy menu first creates a menu which can then be displayed through a block, this module creates the block directly.
This avoids some of the pitfalls of menus, such as the active trail that is not always kept if you use menus other than the built-in main menu, or the inability to display your menu only up to a certain depth.

Taxonomy menu offers some great functionality, but it comes at a cost: it is not always reliable (try adding a new link to your taxonomy menu and then re-arranging your taxonomy tree) and can cause a great strain on performance.
TMB is way simpler in setup, uses smart caching and as a result has great performance and no unexpected results. It also offers some functionalities that aren't present in Taxonomy menu and where you'd normally need extra modules for.

BEWARE OF THE FOLLOWING:
If you have both Taxonomy menu and TMB installed and uninstall the Taxonomy menu module, it will also uninstall the settings for your TMB-blocks. See this issue.