Now that we have a whole industry running behind the iPhone and iPod Touch, it's hard to tell which of the tools made by developers for the Jailbreaking of the device are actually real or fake.

One such new tool that is making a lot of buzz these days is the Gull1hack Jailbreak Tool for the iPhone 3G, 3GS and the iPod Touch. The developers of the tool claim that Gull1hack can Jailbreak any iPhone 3GS and iPod Touch running on the new baseband 05.12.01 which makes it the only tool to be able to do so as the iPhone Dev nor Geohotz have released any tool that does the same.
However, Musclenerd from the iPhone Dev team believes that Gull1hack appears to be a fake tool based on some observations and since the iPhone Dev team has been the only active team at such projects, so I will take MuscleNerd's word for it.
Good news for all the Jailbreakers out there is that an exploit in the new baseband has been found already so a Jailbreaking tool for the iPhone and iPod Touch would be released by the iPhone Dev team soon anyway.