MuscleNerd, a member of the Dev-Team, has announced via twitter the release of the new version of PwnageTool.
The software will be able to create a custom firmware 3.1.2 to jailbreak and unlock iPhone 2G, iPhone 3G, iPhone 3GS, iPod Touch and iPod Touch 2G. As stated everything would be ready soon and the tests performed were positive.
MuscleNerd, the member of Dev-Team, created a nice post on twitter saying that ultrasn0w, the program that lets you unlock the iPhone 3G/3GS, functions just great with firmware 3.1.2. However you need to preserve baseband 04.26.08.
So the Dev-Team is working on new version of PwnageTool. Here is a screenshot that shows the new firmware and the old baseband: