GeoHot released blackra1n RC2 recently to Jailbreak and unlock iPhone OS 3.1.2 for iPhone 3G and 3Gs and now he will be releasing Blacksn0w soon to unlock iPhone 3.1.2 with baseband 05.11.07.
Looks like GeoHot has been able to find the exploit in the iPhone 3.1.2. OS which he was trying to find out for a while now, good news? well definitely it is!
So what does the image above mean? well it means that we will soon be having Blacksn0w available to us to download and then use to unlock and jailbreak our iPhones (2G, 3G, 3Gs) with iPhone OS firmware version 3.1.2.