Once that happens, you should be able to jailbreak your iDevice by browsing to jailbreakme.com in your mobile Safari application. There you'll be presented with a simple slide-to-jailbreak screen. So far, TUAW has been unable to reach the jailbreakme site to test out the new jailbreak but is looking forward to trying it out when the server gets back in business.
As always, be aware that you jailbreak at your own risk. It's often best to wait a few days for any first generation bug fixes to propagate out, if needed.
Update: You'll know if the jailbreak has worked by the downloading and jailbreaking screens. The jailbreak ends with a message that Cydia has been added to your home screen. Click OK and you're good to go. If you do not see these messages post-swipe, you have not jailbroken yet. Early reports indicate some issues with broken FaceTime, mms, wireless data.
Thanks to Brad/Tommy/Kyle for sending in the heads-up.