It seems that it went through clinical trial in China (which I do not trust 100%) and has some positive effect, but the clinical trial itself did not say it is as good as liver transplant. (I assume not)
It is going through clinical trial in US right now.
http://www.returninghope.com/stem-cell-therapy-for-liver-cirrosis.html
http://clinicaltrials.gov/ct2/show/NCT01233102