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Make reports that an exploit was found by developer/hacker GeoHot that has lead to an unlock for the iPhone 3G and 3GS that use the 05.11.07 baseband. The baseband was cracked and the newest piece of code used to unlock your iPhone is titled blacksn0w.
Blacksn0w is available inside the app blackra1n for Mac and Windows users at blackr1n jailbreak. Lets just hope that GeoHot gets his $10,000 from Jody Sanders, the guy that sells freely available unlock tools and support to iPhone owners.
If you do plan on using the blackra1n app to unlock your iPhone, remember that you will need to connect your iPhone via USB to your Mac in order to restart it.
As always, jailbreaking your iPhone could void your warranty and brick the device. Use common sense.