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Update 1: yellowsn0w isn’t released yet. Don't  wastekeypresses and valuable drinking time searching repos or the web for it ;-) as soon as it is released we’ll announce the details here :-)

Update 2: What do we have here then??

Update 3:  Now to explain the above screenshot.  The soft unlock has undergone many changes in the last two days.  The most significant one: the soft unlock will now be only for baseband 02.28.00 (the most recent baseband).  Yes we’ve been advising everyone to avoid updating their basebands, and in general that will always be the best policy.  Not every baseband version is guaranteed to have a hole through which we can inject the unlock. 

Update 4: (a) The yellowsn0w Cydia package will be available as soon as our devteam member in charge of the repo wakes up to fix a file permission error.  (b) Once it’s out, those users with SIMs that have apps and other menus on them will need to do that extra step we’ve been talking about.  They’ll need to pull and reinsert the SIM once after rebooting the phone to engage the unlock.  Even though it’s needed only once per boot, it’s still a nuisance and we’ll be fixing that ASAP.  © You’ll know if you fall into that “extra step” category if your carrier doesn’t show up within about 10 seconds of the slide to unlock screen.  (d) Yes it really is for baseband 02.28.00.  That means everyone can use it now! (e) Happy New Year!