iPhone 3G and iPod touch 2G iOS 4.0GM Jailbreak

The Dev Team has released the redsn0w beta jailbreak for all iPhone 3Gs and iPod touch 2Gs on the firmware 4.0GM.

This jailbreak will, by default turn on multitasking and homescreen wallpapers which is not normally allowed on these two devices by Apple.

If you are using a carrier unlock, do not upgrade to 4.0GM firmware until the official 4.0, and ultrasn0w unlock, are released as it will update your baseband as well as not allowing you to hacktivate your device.

If you've managed to keep the old 04.26.08 baseband on iOS 4.0GM, the Dev Team recently released an ultrasn0w unlock, see more details on it here.