Want to unlock iPhone 4, iPhone 3GS on iOS 4.3.1? You're in luck as MuscleNerd of the iPhone Dev Team has announced via twitter that Ultrasn0w 1.2.1 for iOS 4.3.1 unlock will be released by tonight. A new update of ultrasn0w is needed to unlock iOS 4.3.1 because ultrasn0w 1.2 is broken on iOS 4.3.1.

4.3.1-compat ultrasn0w update for *current unlockers* is out to external testers. Barring any hiccups, release is tonight
Remember:
- Ultrasn0w 1.2.1 will unlock basebands 01.59.00, 04.26.08, 05.11.07, 05.12.01, 05.13.04 and 06.15.00
- Ultrasn0w will not unlock basebands 02.10.04, 03.10.01, 04.10.01, 05.14.02, 05.15.04
- You may lose your GPS if you upgrade your iPhone 3GS baseband, for unlock, to 06.15.00 iPad baseband hack
Also, if you have unlocked your iPhone 4, 3GS on iOS 4.3.1 using ultrasn0w fixer, ultrasn0w 1.2.1 will bring signal bar bug fix which ultrasn0w fixer caused.
We'll update as soon as ultrasn0w 1.2.1 goes live. Stay tuned!