The warning sent by the iPhone Dev Team was pretty clear, upgrade to iOS 4.1 and risk losing your jailbreak and unlock forever.  This is due to Apple changing the modem baseband and although this could be designed to stop iPhone owners from jailbreaking their device so easily in the future, it hasn’t stopped a hacker coming up with a solution, mere hours after iOS 4.1′s general release.

Chronic Dev member Pod2g has highlighted a boot ROM exploit which could prove difficult for Apple to close, as it would require serious changes rather than a simple software fix, as was the case for the short-lived JailbreakMe.com option.  Pod2g has stated on his Twitter account that we can expect to see a demo soon.

What this means is that if you haven’t updated to iOS 4.1 yet, you may only have a short time to wait until you can jailbreak your phone and then safely grab the new firmware, with the added bonus that it could be a long term break.