We introduce a new survival tree method for censored failure time data that incorporates three key advancements over traditional approaches. First, we develop a more computationally efficient splitting procedure that effectively mitigates the end-cut preference problem, and we propose an intersected validation strategy to reduce the variable selection bias inherent in greedy searches. Second, we present a novel framework for determining tree structures through fused regularization. In combination with conventional pruning, this approach enables the merging of non-adjacent terminal nodes, producing more parsimonious and interpretable models. Third, we address inference by constructing valid confidence intervals for median survival times within the subgroups identified by the final tree. To achieve this, we apply bootstrap-based bias correction to standard errors. The proposed method is assessed through extensive simulation studies and illustrated with data from the Alzheimer's Disease Neuroimaging Initiative (ADNI) study.