The soon to be released jailbreak tool by GeoHot has been named BlackRa1n and will be found at

Recently GeoHot posted evidence of a jailbroken iPod touch 3G. He hopes to have the new jailbreak tool available within a day or so.

Apple News: GeoHot Jailbreak is Called BlackRa1n

BlackRa1n Jailbreak Will Work With iPhone OS 3.1.2 ?

You should still wait before updating; however, GeoHot has announced that the BlackRa1n jailbreak will work with iPhone OS 3.1.2.

Apple released iPhone OS 3.1.2 yesterday to fix a few bugs. Thankfully the minor update doesn't block the exploit GeoHot is using to jailbreak.

BlackRa1n won't be available tonight as some work still needs to be done...

"why no blackra1n tonight... i still have to write a ramdisk side kernel patcher, ipt3 is perplexing, gotta figure out how to use itunes usb"