Boy that didn't take very long.
The guys at The Dev Team have already put together a working "Jailbreak" application that unlocks iphones that have been upgraded to iTunes 1.1.1. It hasn't gotten all the third party applications working just yet, but it will get you out of the clutches of AT&T. It should be available sometime next week, so stay tuned.
Announcing a preliminary iPhone 1.1.1 Jailbreak [TUAW via Crunchgear]
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