Apple updated the iPhone OS last week with iPhone OS 3.1.2 to fix issues encountered by some iPhone users. If you are an iPhone jailbreaker than you can install the update and use the latest Blackra1n tool to jailbreak 3.2.1.
If you plan to unlock or keep your unlock than than you should not upgrade to 3.1.2 using iTunes. If you do, the baseband is upgraded and no known unlock hack will work in the future.
Blackra1n is currently only available for Windows.
More details on the Blackra1n blog.
The PwnageTool and redsn0w tools from the iPhone Dev team do not work with 3.1.2 yet.
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