The iPhone Dev Team has released its iPhone hacking software called Pwnage Tool. I gave it a try today and successfully upgraded, unlocked and jailbreaked my iPhone 2G to the latest 2.0.1 OS.

I was pretty impressed with the quality of the tool. Unlike other iPhone hacking software, Pwnage create a modified firmware that you use to restore your iPhone with iTunes; give it the latest firmware (2.0.1) and bootloader files and it bakes up a custom firmware.

In about 10 minutes I was able to enjoy the upgrade of my iPhone to 2.0.1. Everything worked flawlessly and the tool guides you pretty well through all the steps.

Good job guys.