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Apple has released the first update to OS 3.0 and that would be 3.0.1.  The only noted change is the fix for the much publicized SMS vulnerability that could allow hackers to take over your iPhone.  This update clocks in at a whopping 300 MB so hit the download button!

Stay tuned for an update in regards to jailbreaking.

Update: redsn0w will jailbreak 3.0.1 but you must use the 3.0 IPSW for it to work. It does not detect 3.0.1 as a valid IPSW file.