Pwnage Tool 3.1.4 is out, jailbreaks the 3.1.2 release of the iPhone software for iPhone 2G/3G/3GS and iPod Touch 1G/2G for all you OS X folks who've been waiting. It also now jailbreaks the iPhone 3G[S] out of the box! Check out their blog post for full details.
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This release allows your baseband to remain unlocked at 3.1.2, but it does not unlock a new baseband put there by restoring to official 3.1.x. It is super important that people who need the unlock to understand they can keep it only by starting at 3.0 (or earlier) and updating solely to custom IPSWs that don’t update the baseband. For those who have been onboard the “unlock train”, simply install ultrasn0w via Cydia once you’ve restored to your custom IPSW. Don’t forget to turn off the “3G” setting in Settings->General->Network if you use T-Mobile in the U.S.A.