Gizmodo raises the Jolly Roger this morning with news that the scurvy Pwned Project DevTeam has forced the iPhone SDK beta firmware to walk the plank:
Old Install.app applications will need to be updated to the new APIs, but by using a firmware patch rather than hack, DevTeam believes this Jailbreak will be hard for Apple to counter. Prepare to be boarded!
Has the DevTeam got Apple's treasure for good this time or is Cap'n Jobs already coming around, cannons primed? The cat and mouse game continues!
UPDATE: Ars Technica explains:
The new exploit works by taking advantage of the boot loading process on the iPhone, using the AppleImage2NorAccess extension to load a custom firmware to the device in the same way that the standard restore process works. After the patched firmware has been written to the device and restarted, any unsigned app can be loaded and run.
Catch the video after the break!