The iPhone 3GS, being as new as it is, wasn't included in the last round of jailbreaking utilities released by the iPhone-modding Dev-Team.
As we reported earlier, iPhone hacker George Hotz (AKA GeoHot) discovered a security hole in the iPhone 3GS that would allow for the jailbreaking of the device. The Dev-Team claimed on its blog to have created a jailbreak for the iPhone 3GS based on the exploit, but at this point have refused to release it due to fears that Apple would patch the hole before the new iPhone was released all over the world.
GeoHot wasn't content to sit on the exploit, however, and this morning released his own jailbreaking software to allow for the installation of custom software on the iPhone 3GS.
Reports from those who have installed the software say that the phone does indeed allow for non-App Store applications to be installed. In fact, the ultrasn0w unlocking software also works as well, though some report that unlocking the phone somehow affects the performance of Wi-Fi.
Jay Freeman of Cydia fame also warns on his Twitter account that the jailbreaking method released today is missing critical patches related to custom iPhone software.
Those who aren't in dire need of a jailbreaking or unlocking solution might want to hold off on modding your iPhone 3GS, but as with any sort of software mod, there is always an element of risk involved.