The exploit was discovered by Geohot (who discovered the iPhone 3G unlock), here’s what he had to say about it.
On a personal note, I’m sad. Apple, it took me a week to break through your new defenses. And to let us reuse an exploit like that; 24kpwn was so 5 months ago. Although I imagine it must have been painful watching the devices roll by on the assembly line, knowing they all had a hole in them and you couldn’t fix it.
There is no word on when we will see the release of the unlock and jailbreak for the iPhone 3GS, but I suspect it wont be very long.
Update 3rd July 2009
The iPhone 3GS Jailbreak has been released, full details below.
Update 6th July 2009
There is now a Mac version of purplera1n available.
Update 8th July 2009
The iPhone Dev Team have now released the latest version of redsn0w which works with the iPhone 3GS.
Update 14th July 2009
There is now another iPhone 3GS unlock available which was developed by George Hotz
Update 16th July 2009
The iPhone Dev Team has released a new version of Ultrasn0w, you will need to jailbreak your iPhone or iPhone 3GS with Redsn0w first.
Update 10th September 2009
Apple has released a new version of the iPhone OS, version 3.1
Update 3rd October 2009
Update 12th October 2009
George Hotz has released his Blackra1n Jailbreak for iPhone OS 3.1.2
Update 13th October 2009
The iPhone Dev Team have released PwnageTool 3.1.4 for Mac OS XFiled Under: Apple iPhone, Gadgets News