As expected, the iPhone Dev Team has released the redsn0w jailbreak tool for the first generation iPhone and iPhone 3G/iPod Touch via PwnageTool 3.0 for Mac OS X.
Now for the caveats:
1. redsn0w will only jailbreak and unlock the first-generation iPhone, with the ultrasn0w 3G unlock tool for iPhone 3G not being included in this release.
2. iPhone 3G users that have jailbroken and unlocked using yellowsn0w should avoid redsn0w as the baseband in 3.0 is incompatible and will be relocked to the original carrier.
3. redsn0w WILL work for the first-generation iPhone and iPod touch, second-generation iPod touch and the iPhone 3G.
4. Unlock/jailbreak tools for the iPhone 3G S and Windows unlock/jaibreak tools are not available in this release and are forthcoming. PwnageTool will not function with the second generation iPod touch running 3.0 with redsn0w recommended.