A new version of the jailbreak unlocking software, redsn0w has now been made available by the iPhone Dev Team and is redsn0w 0.9.2 reports an article over on slashgear.
Furthermore this latest version of redsn0w now supports all iPhone and iPod Touch models along with supporting iPhone OS 3.0 and iPhone OS 3.1.2, although they do say that for particular carrier unlocks the ser will need to follow up with ulrasn0w or blacksn0w.
Apparently redsn0w 0.9.2 installs Cydia, IPCC tethering hack, afc2 and custom logos all in one go and avoids WiFi issues which some users have experienced with other tools.
Of course as always when you run a hack you risk turning your iPhone or iPod Touch into a brick so keep that in mind when using. Mac OS X x86 and Windows version are available while Linux and PPC OS X versions are coming soon.