Deciding that waiting around for the Dev-Team to release its iPhone 3GS jailbreak solution is for chumps, original iPhone unlocker Geohot has released his own jailbreaking method, with the help of chronic dev and a few others, that he has dubbed purplera1n. Best. Name. Ever. As it stands, purplera1n only supports Windows rigs (Windows 7 and 64-bit excluded) but OS X support is on the way. Hit the read link to grab a copy of purplera1n and get all the instructions you’ll need to get your Cydia fix on. And happy jailbreaking!
P.S. We’ve heard that ultrasn0w works, but it is a bit flaky for the time being.
Thanks to everyone who sent this in!