I think (as W.Once mentioned too) that the Society doesn't promote the "present truth" use in this way, sir82's 2nd definition. I think even in that song you heard Gary, the word is used in the context of sir82's 1st definition: "Here, not there; with us".
I say this, because in my language those two meanings are rendered differently. If you give me the number of the song, I could look it up in my wife's songbook. I just checked the NWT online, and 2 Peter 1:12 says: "For this reason I shall be disposed always to remind YOU of these things, although YOU know [them] and are firmly set in the truth that is present [in YOU ]."