If you’re the type to jailbreak your iPhone and happen to be part of the developer program and the pre-release version of iOS, the latest version of PwnageTool is worth a look. Specifically, iPhone 4 users on running the recently released 4.3 beta can jailbreak their phones. The updated PwnageTool uses Geohot’s Limera1n boot-room based exploit to get the deed done. With that said, iPhone users wanting to preserve the baseband for unlock purposes need to hold off for now as this solution overwrites said baseband with a new one.

Give the instructions a thorough reading and proceed with caution.

Via: GadgetVenue