The iPhone DevTeam has updated redsn0w to v0.9.11b4 which completes the tethered JB support for 5.1.1 on A4 devices and earlier, including proper “Stitching” and “Custom” creation of NO_BB IPSWs.

» Redsn0w Updated With iOS 5.1.1 Tethered Jailbreak Support For A4 Devices

MuscleNerd has announced that they have an iPhone 4S unlock in the making. “Crazy Thanksgiving weekend! Very promising 4S unlock (http://twitpic.com/7kku4t) is in the works (Not i4, just 4S..that is crazy part)“. » iPhone DevTeam Working On An iPhone 4S Unlock

MuscleNerd, one of iPhone DevTeam’s members, confirmed that they finished testing the new tool and are preparing to release it. We can probably expect the new Pwnage Tool this weekend. It will jailbreak and unlock the iPhone 3GS.

» Pwnage Tool Probably Released This Weekend

The DevTeam just let the world know, that they have a pwned and still running baseband.

Though they consider this step “significant”, they cannot say how far down the road of unlocking 3G iPhones they are at the moment…

Zibri posted a extensive post on his blog, where he complaints about being accused as a stealer. I’ll let you read it yourself.
» Zibri (ziphone) reacts to the latest flames

The iPhone DevTeam have released the new PwnageTool that supports the new 2.0 firmware. Currently, it is for Macs only. To download it, go here. It supports both the first generation and 3G iPhone, although unlocking for the iPhone 3G is not yet available.

UPDATE: Apparently, Installer is not available with this version of PwnageTool. » PwnageTool 2.0 released; Macs only. *UPDATED*