Tight race that could go any of 4 or 5 ways, but my pick is Tarrik Stockton. 2 seasons ago he was moldering in AAA, and now he's OPSing 1.023, has 17 SB's, and is playing sterling D at 2B for Texas.
Honorable Mention: Austin's Trace Clark - .291/28/81 with 54 walks.
I've always thought Kelvim Hasegawa would have a few MVP-caliber seasons, and this is certainly one so far. .330/21/77 with 34 doubles, 31 SB's (and no caught stealing) and excellent defense at 3B. He's lapping the field in both leagues in both runs created and rc/27. Stat to watch: he's on pace to set a new single-season record for doubles (the record is 58), and with his speed and durability he's exactly the kind of player to up that mark.
Honorable mention: Tony Mullen - .302/35/81. His 1.026 OPS is 2nd in the AL to Hasegawa and he leads both league in HR's.
NL Cy Young
Quentin McGowan of Texas. He's the NL leader on OAV, OBP, Slugging% Against, WHIP and ERA even pitching in a hitter's park.
Honorable Mention: Shannon Rivera (10-1, 2.83 ERA) of Chicago has almost identical numbers to New York's Hannity, but has put those up in a tougher ballpark and has tossed a few more innings.
AL Cy Young
Sam Stock has been more hittable this year than in his first 2, but still leads both leagues in OAV, OBP, and WHIP (and is 2nd to McGowan in Slugging % against).
Honorable Mention: could go to a bunch of guys, but Philadelphia's Alex Quixote has been outstanding - 10-4, 3.06 ERA while throwing 123 innings
Helena's Earle Carraway (9-3, 2.86 in 122 IP) has pitched well enough that he could make the Cy Young ballot.
Thin year for AL Rookies. Best of the lot in the first half has been Philly's Gene Cummings, who leads the AL newbies in OPS with .851 and has played an adequate CF.