Well, I know many of you have been waiting for this news, so here it is: iPhone Dev Team has found out that 24kpwn, the same exploit used to crack open into the iPod Touch 2G, lives in the iPhone 3GS bootrom. That means the iPhone Dev Team can apply the same technique that they use to jailbreak and unlock on their current redsn0w tools. The baseband is also exploitable with ultrasn0w. Awesome news, ey?

From iPhone Dev Team:

Important: Apple has not given up on the cat&mouse game, and in fact there are challenging aspects of the 3GS jailbreak that aren’t in the other devices. It’ll take some time to work these into our tools, but the fundamental weaknesses are there: The bootrom is exploitable via 24Kpwn, and the baseband is exploitable via ultrasn0w. (And just like with the 3G, ultrasn0w for 3GS requires that you not update your baseband when Apple comes out with new firmware.)

If you would like to know the technical notes, from the iPhone Dev Team, on where the 24Kpwn exploit is in the 3GS visit here

Now it’s time to wait for the iPhone Dev Team develop and release the tools for users to use and jailbreak and/or unlock their iPhone 3GS’

- source: blog.iphone-dev.org