The infamous iPhone Dev Team is working these days for the next release of PwnageTool that will use the same exploit used in Limera1n and Greenpo1s0n jailbreaks. However the tool will let you cook a custom firmware which will prevent updating the baseband to newer version that is not unlockable for now.
Thus PwnageTool is suited for those users who rely on an unlock to use the iPhone. According to the new Tweet by @Musclenerd, they have been successful in finding a new way to use the the bootrom exploit to work with PwnageTool. This suggests that the new version will support jailbreak using the new exploit that will jailbreak almost all current iOS 4.1 devices for life including devices based on Apple A4 chip.
The new exploit will also be untethered using @Comex’s hacks. This news comes as a great delight for the jailbreak as they will not have to jailbreak their devices ever again!