Suggest you google Madrid - should be able to find current info.
here is a few links that pop up:
http://www.madridman.com/transprt.html
http://goeurope.about.com/od/madridtransportation/Madrid_Transportation_Airports_and_Public_Transportation_in_Madrid.htm
http://www.realadventures.com/listings/0001033.htm
Public transportation is very very convenient in Madrid. The bus system is very extensive. We took buses to everywhere when we were there few years ago.