For those of you who were patiently waiting to jailbreak your iPhone running either iOS 4 or 4.0.1, your wait is finally over as iPhone hacker Comex has released a tool to get the job done. It is a web based jailbreak so simply point your mobile safari browser to www.jailbreakme.com and your wait will be over. Heck, you can even use this tool to jailbreak your iPad running 3.2.1.
The servers seemed to be overwhelmed currently but keep checking the link above and let us know how it goes for you! If you have questions and want to learn more about jailbreaking be sure to visit our forum dedicated to the topic here.
Update: The server issues we mentioned now seem to have been corrected and you can now access the link freely.
Update 2: If you decide to run this jailbreak tool please note that Engadget has managed to brick their iPhone. So please, proceed with caution. Other users are reporting this breaking MMS along with FaceTime and that it is not working on the iPad.