The infamous iPhone Dev Team posted a video of Planetbeing demo’ing a jailbroken iPhone 3GS, installing UltraSn0w. This is something we had been told could happen, but he’s the proof! Planetbeing says there is no actual release date for the 3GS Jailbreak, but that it should be out shortly after Apple releases their 3.1 update. Please remember how “shortly” after 3.0 was released, that we got RedSn0w and UltraSn0w. Just have patience. These guys know what they are doing, and we’ll get the tools, when they are ready.

The Dev Team also had this to say:

“Our ultrasn0w program uses the at+xlog crash as an injection vector of our unlocking payload — and it does so on the 3GS in exactly the same way as on the 3G!  But this injection vector will be lost if you update to 3.1 using the official Apple IPSW, which updates the baseband.  So stay away from official 3.1 IPSWs until we release the tools that let you update the firmware without updating the baseband.”

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