Redsnow is easy to use, it is available for Windows and Mac OS. Pwnagetool can be used to create custom ipsw and preserve baseband, it supports Mac OS only.
Ultrasn0w doesn’t work on iOS 4.3.1 yet (even with iOS 4.3.1 + old baseband). The fix will be available soon. Here’s a warning from DevTeam for unlockers:
DevTeam worked hard for the last several hours and released jailbreak tool for iOS 4.2.1. It is redsn0w 0.9.6 b4.
As usual we remind all ultrasn0w unlockers please stay away from this official firmware. Wait for the ability to create custom 4.2.1 IPSWs that don’t update your baseband!
New redsn0w 0.9.6 b4 uses limera1n exploit and will successfully jailbreak all devices. The only problem is that it is a tethered jailbreak, which means you will have to plug it to a computer and rerun redsn0w on every reboot. This so called tethered or semi-tethered jailbreak. This condition applies to iPhone 3GS (new bootrom), iPhone 4, iPad, iPod touch 2G (MC model), iPod touch 3G and iPod touch 4G. Hackers are working hard to create untethered jailbreak for these devices. To use future untethered jailbreak you need to save SHSH keys for iOS 4.1 using TinyUmbrella utility or directly in Cydia.
Old devices like iPhone 3GS (old bootrom), iPhone 3G and iPod touch 2G (non-MC model) can be jailbroken-untethered right now using this latest version of RedSn0w.
A new group of hackers claim they found a new exploit for the iPhone 3GS and iPod Touch with the new BootRom. This means that jailbreak for iPhone 3GS (late models) and iPod Touch 2G (MC) and iPod Touch 3G will be available.
We just found an amazing Exploit in the Boot-System of the 3GS with the new Bootrom! This Exploit works on ALL iPhone and iPod Touches!
The tool will be called Gull1hack. The operation is very simple and the code is sent when the device is in recovery mode, just like Blackra1n and Redsn0w do. This jailbreak tool has been neither confirmed by Geohot nor from the DevTeam. Many users think this is fake. We’ll see.
So this is a minor update, which fixing only the accuracy of the 3GS battery meter and the stability of some third-party app launches. This update is avaliable via iTunes.
New firmware 3.1.3 also introduces a new version of the baseband, the 05.12.01. So if you need unlock do not update! DevTeam also warns us:
If you care about your jailbreak and unlock, don’t update your device – 3G and 3G(S) owners should pay particular attention to this warning.
PwnageTool and redsn0w are not yet compatible with 3.1.3
Experimenters show that the latest version of redsn0w 0.9.2 is able to jailbreak iPhone 2G, iPhone 3G and iPod touch 1G. Just point it at the 3.1.2 IPSW (download here) after doing update or restore to firmware 3.1.3. Sounds like DevTeam will release an updated version of redsn0w that will handle firmware 3.1.3 officially. They say iPod touch 2G with firmware 3.1.3 is also jailbreakable.
Users report that unlock software, blacksn0w and ultrasn0w, doesn;t work with the new baseband.