As we heard yesterday evening, the Pwnage Tool 2.0 was released today. Were you waiting for iPhone Dev Team to finish it? Well they have semi-finished it. The Pwnage Tool 2.0 will definitely jailbreak your 3G iPhone. As for unlocking, the Tool will only unlock your first generation iPhone for now. iPhone Touch owners will also be able to jailbreak it and install all the non-Apple applications they want.

Jailbreaking the phone is done really simple but you’d still have to know what you are doing. A few bugs have been reported by those that already tried the Tool, and we should be expecting more versions to roll out to correct them. But all in all, the Team has done it again. Their tool is available to download and it will do exactly what you expect it to do. Just remember to back up any critical data you might have stored on the iPhone before doing any important changes to it.