Update 1: Blacksn0w launched. Check out the step by step guide to use Blacksn0w to jailbreak and unlock iPhone 3.1.2 baseband 05.11.07
Update 2: BlackRa1n works with every iPhone and iPod touch model out there. However for some models of iPod Touch, it is still tethered. The steps are almost same for all devices.
iPhone 3G and 3GS users running 3.1.2 firmware can unlock and jailbreak their iPhones using a new tool released by GeoHot named Blacksnow (or blacksn0w).
According to his latest blog post, he wrote that he is working on a new tool called Blacksn0w, which will enable users on 05.11.07 baseband to unlock and jailbreak their iPhone 3g and 3GS. The software is still not ready and would take some time to be released.
GeoHot released a screenshot on his blog confirming the arrival of Blacksn0w.
Lets see if GeoHot can release it before iPhone dev Team.
Update: BlackSnow (or Blacksn0w) will be out on November 4th,2009. Stay Tuned. Blacksn0w launched. Check out the next update guide.