The correct answer is option 1: Consensus government of all major political parties of Nepal. This means that the current Prime Minister of Nepal, Dr. Baburam Bhattarai, is leading a government that consists of representatives from all major political parties in Nepal.

Option 2, Nepali Congress-Maoist-UML coalition government, is incorrect. A coalition government is formed when two or more political parties come together to form a government, but in this case, all major parties are involved, not just three specific parties.

Option 3, Nepali Congress-Maoist coalition government, is also incorrect. This option only mentions two parties, whereas the correct answer states that the government is composed of all major political parties.

Option 4, Maoist-Madhesi coalition government, is also incorrect. This option mentions the Maoists and the Madhesi party, but it does not include all major political parties in Nepal.

In conclusion, the correct answer is option 1 as it accurately describes the current government in Nepal led by Prime Minister Dr. Baburam Bhattarai.