iPhone hacking expert, Sherif Hasim has announced that he has discovered an exploit in the baseband (05.12.01) that is bundled with iPhone OS 3.1.3 that should help in unlocking it.
Sherif Hashim tweeted that he has successfully crashed iPhone OS 3.1.3 baseband and MuscleNerd of the iPhone Dev Team has confirmed that is working.
I just crashed the 5.12.01 baseband
Musclenerd confirmed it working ))) timing of 5.12 unlock release is totally the dev team opinion
However, iPhone Dev Team have clarified that this is the first step in the process of unlocking the baseband and it is too early to provide an ETA on when the tool to unlock iPhone OS 3.1.3 will be released.
"We’ve started to look at his crash but it’s a long road between any given crash and a fully working unlock, and we couldn’t put an ETA on it even if we wanted to. It’s not even guaranteed that an working unlock will come from this particular crash — it’s just too early to tell.”
[via Sherif Hashim, Dev Team's blog]