DevTeam released update to their PwnageTool jailbreak utility. New version 4.01 supports iOS 4 jailbreak for iPhone 3GS (old bootrom), iPhone 3G and iPod Touch 2G (non-MC).

You can download the latest version here.

We recommend to read DevTeam instructions here before you start.

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Hacker msftguy created unofficial PwnageTool which allows to upgrade to the pre-release of iOS 4.0 GM while keeping your jailbreak and old baseband.

This is not an official release by Devteam, so we recommend to wait for the final versions of both iOS 4.0 and PwnageTool.

For the advanced users who want to experiment here is a link.

Msftguy also provided a video:

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