iPhone Dev Team's latest PwnageTool v 3.1.4 for Mac OS X is now available for download adding jailbreak support for newest iPhone OS 3.1.2 on iPhone 3G/3G(S) and iPod Touch 1G/2G, sadly, similar to the previous PwnageTool release this version is also MAC only for now, however Windows users need not to worry as they can jailbreak their iDevices using recently launched Blackra1n.
Users having jailbroken devices need not to enter the DFU mode and simply need to create a custom IPSW file using PwnageTool v 3.1.4 and restore it from iTunes, this will update the device to latest firmware version keeping the Baseband unlockable so you can enjoy your device freely.
iPhone Dev Team also has some good news for Blackra1n users experiencing problems :
For the early adopters who ran blackra1n and are having problems with mobilesubstrate, winterboard, diskaid, or ifunbox, you can install a custom .ipsw from PwnageTool to fix these issues. That’s because all jailbroken devices accept a custom .ipsw created by PwnageTool. (However, if you ran blackra1n on a 3G or 3GS that means you updated to stock 3.1.x, and the carrier unlock is now out of reach. We’ll continue to work on a carrier unlock for the latest basebands, but the timeframe for such an unlock is unknowable.)