Apple has fixed the vulnerability used by JailbreakMe to Jailbreak iPhone 4, 3GS/3G, iPod Touch 4.0 and iPad 3.2.1. iPhone 4.0.2 Firmware has been pushed for iPhone and iPod Touch and iOS 3.2.2 has been released for iPad. After the patch, iPhone 4 3GS [New Bootrom] owners are out of luck to jailbreak their iPhone until some solution like Spirit Jailbreak 4.1, JailbreakMe 4.1 or a new tool emerges to Jailbreak 4.0.2.
iPhone 3GS [Old Bootrom] users can still upgrade to iOS 4.0.2 and jailbreak as well as unlock their iPhone. The method traditionally works as redsn0w. A custom iOS 4.0.2 firmware is created and restored to iPhone 3GS and it is jailbroken. Then you can use ultrasn0w 1.1-1 to unlock iPhone 3GS. The bundle will be released here. Stay Tuned.
[Via BlogsDNA]
