It’s finally here! The jailbreak called redsn0w was just released a little while ago, and I’ve just managed to install it. Everything works like a charm.
So here’s a quick rundown on how to jailbreak your iPhone OS 3.0:
DISCLAIMER:
This jailbreak does NOT free you for your cell operator. It’s just a jailbreak for being able to install third party apps! If you are going to use your iPhone with another network then the one you bought it with, you will have to wait for yellowsn0w to be released.

The procedure:

1. First off you have to download the redsn0w application from one of the following links:

Torrent:

Windows- http://torrents.thepiratebay.org/4965140/redsn0w-win_0.7.1.zip.4965140.TPB.torrent

MacOS X – http://torrents.thepiratebay.org/4965042/redsn0w-mac_0.7.zip.4965042.TPB.torrent

Jumpingmushroom.com Mirrors:

Windows – [download id="1"]

Mac OS X – [download id="2"]

2. After you got this, you will either have to download the latest IPSW file from the net (in. ex. here for ipod touch/iphone classic or here for iPhone 3G, or find your own copy after you did your first upgrade in “C:Documents and SettingsYOUR-USER-NAMEApplication DataApple ComputeriTunesiPhone Software Updates”

3. Place this file in the same folder as redsn0w, and lets get crackin’!

(I’ll do this guide for windows users only, but I’m guessing it works similar with Mac OS X)

4. First off, start up a command prompt. That’s Start button – run – cmd.

5. In the command prompt you go to the folder where redsn0w resides. I’d probably suggest that you extracted the folder directly to c:, so there won’t be any problems with spaces in folder names.

Once there, run the following command:

redsn0w.exe iPhone1,2_3.0_7A341_Restore.ipsw

This will start the jailbreaking. Just follow the instructions exactly as listed, and you should be done in no time!

I myself had some problems getting my phone into DFU mode, but this video helped me out:

httpv://www.youtube.com/watch?v=Rb_ss0bljHY

After the jailbreak is complete, make sure you start up cydia and do a full update of the core apps (you will be asked about this after the second time you start Cydia).

If you need your phone unlocked, make sure you keep refreshing http://blog.iphone-dev.org/, as this is where the developers for redsn0w/yellowsn0w update with the latest news.

Hope this guide helped out a bit, and good luck!