Apple recently released new firmware update 3.1.2 for all the versions of iPhone and iPod Touch which fixes the bugs prevalent in previous firmware 3.1.1, it requires another software jailbreak if you want to enjoy 3rd party apps which has been released now and is called Blackra1n by Geohot.
Users who were waiting for jailbreak of iPhone 3GS and iPod Touch 3G on firmware 3.1.2 can now use this software to jailbreak their iPhones and iPod Touches. This single software will jailbreak your iPhone 3GS/3G/2G on latest firmware 3.1.2, it can also be used to jailbreak iPod Touch 3G/2G/1G, it is the simplest jailbreak available and it does the job in less than a minute. I tried it on my iPod Touch 2G and it does the job in just around 30 seconds.
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