blacksn0w, the free unlock for iPhone 3G/3GS with baseband 05.11.07 has just gone live. It can be downloaded form blackra1n. blackra1n RC3 has also gone live with the release and is now Tiger + PPC compatible for the Mac OS X version. Check out our helpful guides on unlocking and jailbreaking using blackra1n RC3:
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Guide: how to hacktivate iPhone OS 3.1.2 with blacksn0w
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How to jailbreak iPod Touch and iPhone 3G/3GS OS 3.1.2 with blackra1n RC3
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Fixing issues with iPod Touch and iPhone 3G/3GS OS 3.1.2 jailbreak with blackra1n RC3
blacksn0w is also available on Cydia now. Just add blackra1n.com as repo and install blacksn0w.
Happy unlocking and jailbreaking!