Redsn0w has just been updated to beta 4 to support the latest iPhone OS 4 Beta 4 firmware. iPhone OS 4 Beta 4 was released by Apple last week, which since Beta 2 has closed the jailbreak loophole used by Redsn0w 0.9.5b1 and b2 to jailbreak OS 4. But with this latest version of redsn0w, you should be able to jailbreak iPhone OS 4 again on iPhone 3G.
Most of you must have heard about the thunderst0rm team who claims to have got an exploit+solution to jailbreak and unlock all device (iPhone, iPod and iPad) on iPhone 3.1.3 with 05.12.01 baseband. Today, they have posted a new video which shows the final test build in action. According to them, if everything goes fine, they will release the program Tomorrow.