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Geohot, the creator of the original iPhone jailbreak, has recently put out BlackRa1n, a tool to jailbreak iPhone OS 3.1.2.  It’s a very simple tool, just plug in your iPhone, click the button, and it’s pretty much done.

A few things to note: if you’ve unlocked your iPhone and are using it on another carrier, this will break it.  This tool only jailbreaks it, not unlocks it.  Also, Windows Vista and 7 users, you MUST run this program as an administrator in Windows XP SP3 compatibility mode.

BlackRa1n