Playing catch up to Geohot, the iPhone Dev Team has finally released their iPhone 3.1.2 jailbreak in the form of PwnageTool 3.1.4.

iPhone 3.1.2 jailbreak pwnagetool 3.1.4

This is compatible with all versions of the iPhone, from the very first EDGE only iPhone to the latest iPhone 3G S, and likewise works on previous iterations of the iPod Touch (still does not support the 3G iPod Touch).

The Team advises those who have already jailabroken their iPhones in the past to just use the restore mode with a custom IPSW file instead of the DFU mode. In addition to that, they also recommend those using internet tethering on networks that don’t officially support it to refrain from upgrading to any firmware other than iPhone 3.0. Doing so will void this feature.

Meanwhile, for those who’ve already used blackra1n to jailbreak their iPhones and are having problems with apps such as mobilesubstrate, winterboard, diskaid, or ifunbox, a quick fix is to simply install a custom IPSW file created by Pwnagetool 3.1.4.

Do note, however, that this PwnageTool version only works with Mac OS X-based systems, and in all likelihood, won’t be able to jailbreak iPhone 3GS units installed with the latest bootrom. It’s still far from being perfect, but this should suffice for the majority of you jailbreakers out there. You can read the full announcement here which also includes a list of where you can download this latest Pwnagetool.