James Sherwood of The Register reports:
Hardware hackers the iPhone Dev Team claim to have discovered a way to both unlock and jailbreak the new iPhone 3G S.
The group said that the so-called '24Kpwn' exploit – originally identified on the iPhone 2G – “is still applicable to the boot Rom of the iPhone 3G S”.
It’s the team’s belief that the exploit is the result of Apple signing off on the 3G S’ boot Rom back in August 2008 – before the 24Kpwn exploit was exposed.
Thanks to this discovery, the group claimed that the latest iPhone model can be jailbroken and unlocked using a similar technique to that used by the team’s famous redsn0w tool to free earlier iPhone models from O2’s clutches.
The iPhone Dev Team hasn’t said how long it’ll take to update ultrasn0w, it's tool for unlocking the iPhone 3G, so sit tight.