The iPhone Dev-Team (Comex) has released JailbreakMe 2.0 (aka Star) which can jailbreak all iOS devices on their latest respective firmware like iOS 4.0 / 4.0.1. This does not work with iOS 4.1 Beta release. Since JailbreakMe 2.0 is a userland jailbreak, what this means is that you run it right in your iOS Safari browser to jailbreak the device. It cant get simpler than that !

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