From what I understand, here is the situation (note that I might be wrong, in which case, please correct me by adding a comment):
- if you are still on 3.0 or 3.0.1 and your baseband is still 04.26.08, then there is no problem at all for you. You will be able to jailbreak and unlock by using PwnageTool and creating a custom firmware that will not update your baseband.
- if your iPhone 3GS is already on 3.1, you won’t be able to jailbreak or unlock yet but the Dev Team is working on your case.
As usual in this case, we will be spreading the news as it becomes available.
For the latest information about the iPhone 3GS jailbreak and unlock, please refer to the following articles:
Please leave a comment should you have any question or concern.
UPDATE: I wrote a tutorial on how to jailbreak the iPhone 3GS 3.1 with PwnageTool.