Apple recently released iOS 4.0.1 for iPhone and iPod Touch and you can easily jailbreak your iPhone on iOS 4.0.1 firmware using Redsn0w 0.9.5b5. It is important to note that you can run the Jailbreak on iPhone 3G only using redsn0w 0.9.5 beta 5.

Note: iPhone 3G users who does not rely on an ultrasn0w carrier unlock can jailbreak their phone on iOS 4.0.1 with Redsn0w 0.9.5b5-5 and if you rely on ultrasn0w carrier unlock, make sure you do not update to iOS 4.0.1 firmware.
update: Musclenerd has confirmed that there is no change in Baseband, you can Unlock iPhone 3G on iOS 4.0.1 using Ultrasn0w!
Follow the simple guide below to jailbreak iPhone 3G running iOS 4.0.1 on Mac. Steps are almost identical to jailbreak iOS 4.0 firmware and you may refer the screenshots as well.
Pre-requisites:
- An iPhone 3G running iOS 4.0.1 firmware
- iTunes 9.2 installed on your Mac
- Save iOS 4.0 on your desktop
- Redsn0w for Mac
Steps to Jailbreak iOS 4.0.1 with Redsn0w 0.9.5
Step 1: Connect the iPhone 3G to your Mac using the USB cable.
Step 2: Run Redsn0w and click Browse. Select the Firmware 4.0 from the desktop of your computer and then click Next to continue.
Step 3: It will start an automatic process to patch the kernel.
Step 4: You will now have a new screen where you can select packages to install. Select Cydia and if we wanted to, also check to enable multitasking. You can also change the background to the springboard.
Step 5: You will be prompted to put the iPod Touch in DFU mode. To do so: Press the Home + Power for exactly 10 seconds then release the power button while continuing to press home only until a screen will appear all white. Another automated process will start to quickly run the jailbreak.
Step 6: When your iPhone3G comes back up, you’ll notice Cydia has a blank white icon. You’ll also notice Cydia has no sources.
Step 7: Go to the Sources panel and add this repo: http://apt.saurik.com/cydia-3.7. Make sure that you have a carrier or wifi signal.
Step 8: After Cydia restarts, its real logo now appears, and the standard sources should be ready to use.
Voila! You have successfully jailbroken iOS 4.0.1 on iPhone 3G. There is no baseband update! So, you can use Ultrasn0w 0.93 to unlock.
You might also Like to check out more on iOS 4.x Jailbreak and baseband unlock:
- iDetector: Find Bootrom Version for iPhone 3G/3GS iOS 4 Jailbreak
- Jailbreak iOS 4.0 iPhone 3GS/3G, iPod Touch 3G/2G [new iBoot] with Sn0wBreeze
- How to Jailbreak iOS 4 on iPhone 3G, 3GS and iPod Touch 2G with PwnageTool 4.0
- Unlock 05.12.01, 04.26.08 to 05.13.04 Baseband on iPhone 3GS/iOS 4 with ultrasn0w 0.93
