It's finally here. The much awaited unlock for the the iPhone 4 brought to you by the iPhone Dev Team. Ultras0w has been updated to support unlock for the new iPhone 4.

Unlocking the iPhone 4 would allow you to use the phone with any carrier in the world. This is definitely a big milestone for the dev team and the users. The unlock works with the userland jailbreak released by @comex a couple of days ago.
Follow the easy steps. Make sure to jailbreak your iPhone 4 by visiting Jailbreakme.com. Once jailbroken, find version 1.0-1 of ultrasn0w in Cydia and install it. That's it. This works iPhone 4 baseband 01.59.00 and 3G/3GS basebands 04.26.08, 05.11.07, 05.12.01 and 05.13.04.
[via The Dev Team]