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The Dev Team has announced that their redsn0w and ultrasn0w apps are now iPhone 3GS ready, despite an original plan of waiting until iPhone OS 3.1 was released.
With the release of George Hotz's purplera1n, which was the first 3GS-ready jailbreak tool, the Dev Team was pressured into releasing their own just days later. Thanks to purplera1n, Apple may have an easier time plugging up security holes.
The Dev Team also warns any ultrasn0w users to avoid installing any future Apple firmware updates, since this will overwrite the baseband hacks. Doing so will result in a device that can no longer be unlocked until a new exploit is discovered.
It should also be noted that there is currently a bug with ultrasn0w, which requires users to do a single reset of network settings. A fix for this is coming, but there is no specified date.