The iPhone Dev Team is reporting that the SMS patch 3.0.1 didn’t change anything other than fix the SMS vulnerability and therefore a jailbreak in similar fashion to 3.0 is possible. An updated redsn0w will be available soon but in the mean time for those wanting to update and jailbreak should update to 3.0.1 and then run redsn0w 0.8. When it asks which IPSW to point at select 3.0 (not 3.0.1) and it will work fine leaving you with a jailbroken 3.0.1 all fixed up against those nasty haxors.

You can re-use redsn0w v0.8 we released a few weeks ago to jailbreak today’s 3.0.1 update. Just let iTunes update or restore you to official 3.0.1 then run redsn0w. The only “trick” is that when redsn0w asks you to identify the IPSW used, point it at the 3.0 IPSW instead of the 3.0.1 one. After the jailbreak, reinstall ultrasn0w 0.9 if you need the unlock.

I can confirm that the jailbreak works fine so all those holding off it’s all gravy.

[iPhone Dev Team]