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Late last evening, Geohot followed up on the release of blackra1n for Windows with the Mac version.

#blackra1n for mac is live!!!!!!!!!

This latest release is similar to the Windows version and will work for all iPhones and every iPod touch (except for the third generation touch) on firmware 3.1.2.

In short, you will need to update your device using the official update path (iTunes) and then run blackra1n. The jailbreak is quick and easy.

Of course, the word of warning, if you care about having your iPhone unlocked (to be able to use it on a carrier other than the official) then you will not, repeat not, want to use blackra1n. If you fall into the unlock category, you will want to check out PwnageTool, which was released yesterday by the DevTeam.
Finally you can download either the Mac or Windows version of blackra1n by clicking here.