We just gave you the bad news that there won’t be an iPhone 3GS iOS 4.1 jailbreak, and unfortunately, we have more bad news, especially for unlockers. According to iPhone hacker Veence, there will not be an unlock for any baseband on iOS 4.1.

So why is that? I’ve got my ideas…

I believe the Dev Team is currently working on an unlock for the basebands mentioned in the above tweet. I also believe they are close to completion. Knowing that iOS 4.2 is just around the corner, it would be a bad move to reveal their exploit to Apple now, which would leave them enough time to patch it in iOS 4.2.

So what can you do? If you haven’t updated to iOS 4.1 yet, you will be able to use PwnageTool soon to update to iOS 4.1 while preserving your baseband. After that, you’ll be able to download UltraSn0w from Cydia to unlock your iPhone.

If on the other end you have already updated to iOS 4.1, then there is no going back as it is currently impossible to downgrade the baseband.

Bummed out?