We have some good news. MuscleNerd and Planetbeing from the iPhone Dev Team announced yesterday that they will be releasing Ultrasn0w to unlock iPhone 4 in 48 hours after they have conducted a private beta.
Planetbeing had announced the good news on Twitter:
We will be releasing the unlock in 48 hours (after we conduct a private beta).
MuscleNerd confirmed it with the following tweet:
iPhone4 carrier unlock will be pushed after small test period (only @planetbeing and I have been able to test til now!)
It looks like one of the private beta testers has leaked the screenshot of Ultrasn0w.
So the release of Ultrasn0w 1.0-1 to unlock iPhone 4 is imminent.
iPhone Dev team had released Ultrasn0w 0.93, their software solution to unlock all basebands since iPhone OS 3.0 including baseband 05.13.04 that comes bundled with iOS 4. As erik has rightly pointed out in the comment, iPhone 4 users should NOT install Ultrasn0w 0.93, its only meant for iPhone 3G and iPhone 3GS users.