GeoHot just published a video of the first unlocked iPhone running OS 3.1.2 and baseband 05.11.07 using BlackSn0w. Earlier this week, GeoHot was offered $10,000 to work on the 05.11.07 unlock. Initially, he said it would take him 24 hours. It’s been more than 24 hours but it’s still darn impressive.

BlackSn0w hasn’t been released to the public yet. My guess is that GeoHot is still testing it. BlackSn0w is supposed to work on both the iPhone 3G and iPhone 3GS and will unlock to any carrier.

We don’t know when BlackSn0w will be released but I’ll sure try to be on top of it and let you guys know.

Are you excited?