Today is a day of good news, friends! First MuscleNerd talks about the new Redsn0w with the ability to create custom firmware, now reports that today will be released an updated version of ultrasn0w - program for unlocking iPhone modem . The new version of the utility will be adapted to work with the firmware iOS 5 on iPhone 3GS and iPhone 4 with modem  01.59.00, 04.26.08, 05.11.07, 05.12.01, 05.13.04  and 06.15.00 .

This is not a new unlock for the new modem.  Ultrasn0w will be updated to work on firmware iOS 5 with modems which were previously unlocked on firmware 4.xx

Modem 02.10.04 / 03.10.01 / 04.10.01 / 05.14.02 / 05.15.04 / 05.16.02 might not be supported.

It is highly recommended that people using Jailbroken iPhone and who need to unlock their iPhone later on via UltraSn0w, should not update their iDevices and should wait until a new version of Redsn0w or PwangeTool is available to create a custom firmware as that would update your iphone to iOS 5 without updating the modem, and then you will be able to carrier unlock afterwords. As soon as it becomes available we will let you know.