Engadget has put together a veritable jolly roger of an update to iPhone firmware 1.1.4 jailbreaking and SIM unlocking.

These methods include the usual scurvy gang of iNdependence 1.4 beta 5 for OS X, Zibri's cross-platform Ziphone 2.5, and a new, and potentially mega-infringing stow-away: iTunes (looks to be purely proof-of-concept at the moment).

As always, jailbreaking and unlocking are not for the faint of heart, so explore at your own risk, lest your precious iPhone end up on the receiving end of a one way trip to Davey Jones' locker...