  We present new Keck spectroscopy of early-type galaxies in three galaxy
clusters at z~0.5. We focus on the fundamental plane (FP) relation, and combine
the kinematics with structural parameters determined from HST images. The
galaxies obey clear FP relations, which are offset from the FP of the nearby
Coma cluster due to passive evolution of the stellar populations. The z~0.5
data are combined with published data for 11 additional clusters at
0.18<z<1.28, to determine the evolution of the mean M/L(B) ratio of cluster
galaxies with masses M>10^11 M_sun, as implied by the FP. We find
dlog(M/L(B))/dz = -0.555+-0.042, stronger evolution than was previously
inferred from smaller samples. The observed evolution depends on the
luminosity-weighted mean age of the stars in the galaxies, the initial mass
function (IMF), selection effects due to progenitor bias, and other parameters.
Assuming a normal IMF but allowing for various other sources of uncertainty we
find z* = 2.01+-0.20 for the luminosity-weighted mean star formation epoch. The
main uncertainty is the slope of the IMF in the range 1-2 Solar masses: we find
z* = 4.0 for a top-heavy IMF with slope x=0. The M/L(B) ratios of the cluster
galaxies are compared to those of recently published samples of field
early-type galaxies at 0.32<z<1.14. Assuming that progenitor bias and the IMF
do not depend on environment we find that the present-day age of stars in
massive field galaxies is 4.1 +- 2.0 % (~0.4 Gyr) less than that of stars in
massive cluster galaxies, consistent with most, but not all, previous studies
of local and distant early-type galaxies. This relatively small age difference
is surprising in the context of expectations from ``standard'' hierarchical
galaxy formation models. [ABRIDGED]
