Update: Unlock released! Here is a complete Guide on, how to Jailbreak and Unlock iPhone 3GS, 3G on Basebands 5.14.02 and 05.15.04 Using PwnageTool 4.1.3 Unlock Edition
Just the other night MuscleNerd of the Dev Team confirmed that Sunday is going to be the Funday for all with the Unlock for iPhone 3GS and 3G. Rumors were that the updated Ultrasn0w would be able to unlock the latest iOS 4.2.1 Baseband, which is 05.15.04. We wanted a confirmation from the hacker himself though and today we got the confirmation needed and Yes! he confirmed that the Updated Ultrasn0w will support all basebands to date and the latest iOS 4.2.1 baseband 05.15.04.
Now, this means that you would be able to update your iPhone 3GS or 3G to the latest iOS 4.2.1 and unlock it as well. But, DO NOT RUSH into this, the unlock is just 24 hours away so better wait for it before doing anything silly. Because, MuscleNerd warned in the post and suggested not to update to iOS 4.2.1 YET!

Here is the Actual Tweet Message:
ssstephD: @MuscleNerd will the new ultrasn0w unlock be able to unl0ck baseband 5.15.04? made the big mistake of upgrading it =/ !
MuscleNerd: @ssstephD it covers 05.15.04 too — but yeah, really need to stay vigilant about not updating :(
So like he said, do not rush into updating to iOS 4.2.1. iOS 4.2.1 will update your baseband to 05.15.04 and although he confirmed the unlock but you never know what goes wrong at the last moment. So I strongly suggest you to stay put and do not risk your device. Most of you already had a rough time with the baseband 5.14.02.
Ok, so here is the long story short!
Ultrasn0w is coming in next 24 hours and here is what it can do for you
1. Supports iPhone 3GS and 3G devices, no iPhone 4 YET!
2. Supports Baseband 5.14.02 of iOS 4.1 on iPhone 3GS and 3G devices
3. Supports Baseband 5.15.04 of iOS 4.2.1 on iPhone 3GS and 3G devices
4. Does not support iPhone 4 or 2.10.04
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[ via: iPhonehacks, MuscleNerd ]

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