A Teenager hacker named George Hotz has created an App to jailbreak the Apple iPhone 3G S.

Hotz revealed his app for Windows to the public last weekend and later announced a Mac version of it.
Yes, this is what you've all been waiting for. A jailbreak for the iPhone 3GS. And it's awesome. To get started right now, go to purplera1n.com. Download it, Hotz wrote on his blog.

The iPhone Dev team developers responsible for many of the iPhone jailbreaks to date have stated that they won’t be releasing their jailbreak until iPhone OS 3.1 is out but Hotz cannot wait any longer.

Normally I don't make tools for the general public, and rather wait for the dev team to do it. But guys, what’s up with waiting until 3.1? That isn't how the game is played. We release, Apple fixes, we find new holes. It isn't worth waiting because you might have the last hole in the iPhone. What last hole...this isn't golf. I'll find a new one next week, Hotz wrote.

If something wrong happens to a jailbroken iPhone Apple or AT&T is not offering any assistance.

Jailbreaking an iPhone allows an end-user to install third-party applications that are not supported by Apple and AT&T and enables the end-user to use mobile networks other than AT&T.