As the night follows the day, surely an updated Pwnage tool must follow the release of a new iPhone operating system. True to form, the dedicated hackers of the iPhone Dev Team have posted a blog entry detailing the steps needed to jailbreak (and, in some cases, unlock) iPhones running the new software.
There are quite a few caveats and qualifications with this stage of the tool release; in particular, it won't work with 2nd-gen iPod touch devices, nor with the new 3G S phones. If you have unlocked your phone using the yellowsn0w tools, you are advised not to use this version of Pwnage as your phone will relock back to the original carrier assignment.
It should go without saying, but we'll say it: jailbreaking or unlocking your phone is done at your own risk.