The Dev Team is reporting the success of using the same exploit that was used to jailbreak the iPod Touch 2G to work on the iPhone 3GS.
About 5 hours ago (Thursday evening, less than a week after the 3GS launch), we were able to verify that the 24Kpwn exploit that the hybrid team used on the iPod Touch 2G is still applicable to the bootrom of the iPhone 3GS. That means we can use the same sort of technique used by our current redsn0w tool to jailbreak and unlock the iPhone 3GS.
This is great news, but how did it happen? Why didn’t Apple fix this in their normal cat&mouse fashion? Well it seems this bootrom was cut in about the August 2008 timeframe, so the unintended early reveal of 24Kpwn earlier this year didn’t affect the iPhone 3GS.
And yes, ultrasn0w will be able to be used on the iPhone 3GS for you unlockers! (In fact, without any modifications whatsoever!)
Keep your eyes peeled folks, I predict the jailbreak coming out in the coming weeks!
[Source - Dev Team]