Prophet Mohammad (peace be upon him) said: "The doors of the Heavens are opened up on the first night of Ramadan. Not a single Door (among the Doors of Heaven) is then closed until the last night of Ramadhan. For every Salaat (prayer) performed during the nights of Ramadhan, Allah records one and a half thousand good deeds for every prostrationo of the prayer. And, for the fasting person, Allah creates in Paradise a mansion of red diamond. This mansion will have seven thousand entrances. (So huge will these entrances be that in each entrance will be located) a palace of gold adorned with red diamonds. When the Muslims fast the first day if Ramadan, Allah forgives all his sins committed from the first of the previous Ramadan. Daily (i.e. during Ramadan) from the time of dawn prayer until sunset, seventy thousand angels supplicate for his forgiveness. In return for every prostration which he (the fasting person) makes, of any prayer, whether during the day or night, he will obtain (such a wonderful) tree (so huge) that a horseman will take five hundred years to pass under its shade."
(Related by Baihaqi).