After releasing jailbreaking software for both the Apple and Windows platforms it appears that the iPhone Dev Team is working on a faster software to jailbreak your phone called QuickPwn. With Pwnage Tool you would be required to perform a full Restore on your iPhone before getting access to its file system. And since Apple is rolling out firmware updates, the Dev Team will have to keep up and roll corresponding jailbreak solutions if required.

QuickPwn will be the next generation jailbreak tool. It will skip the whole Restore process which will make jailbreaking even faster and more convenient. The Team is working on QuickPwn so we will be waiting for the official release.

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