With the release of iPhone OS 3.1.3, Apple pushed the baseband to version 05.12.01 which remained unlockable and hence created woes for lots of jailbreakers who had accidentally upgraded to the latest firmware. Then, a few days back, @sherif_hashim tweeted he had crashed baseband 05.12.01, which he handed over to the iPhone dev-team. However, no ETA was announced as to when the new unlock would be released, since it would serve better to have it out in the open with the release of the next-gen iPhone OS 4.0, or perhaps OS 3.2.
Update: The unlock for all basebands, including baseband 05.12.01 is out. Check it out here.
Yesterday, GeoHot revealed he too had a working exploit for the new baseband. His tweet, as shown below, did not make much sense before @visnet_ tipped iHackintosh providing some insight by revealing excerpt of an IRC chat between himself, @geohot, @Par4doX, @Evan, @MuscleNerd, @He (check out screenshots below). Hotz had two working exploits for baseband 05.11.07 but chose to use xemn in his BlackSn0w unlock since it was already public. The other exploit remained open, and apparently through Hotz’ testing, it remains unpatched in the new 05.12.01 baseband.
With this latest development, seems like the dev-team and geohot both have working exploits for baseband 05.12.01. What remains to be seen is whether they are both unique ones, or have both the iPhone master-hackers caught the same fish. There still is not ETA for any unlock release from either the parties, but geohot may take the first shot since he’s partying this weekend.