The iPhone dev-team have reportedly hacked the iPhone 3GS, but they’re yet to release it – claiming worries that Apple may fix their exploit before enough people have had a chance to purchase an iPhone 3GS.

But not to worry, George Hots (aka Geohot), the boy who first unlocked the original iPhone in return for 3 iPhones and a Nissan 35OZ has gone and done it again.

Named purplera1n, perhaps in mockery of iPhone dev-team’s yell0wsn0w, is currently available for Windows only (download the executable here). Apparently a Mac version will be available soon.

Hotz blogs about the process of jailbreaking a 3GS;

Connect your iPhone normally. Click “make it ra1n”. Wait. On bootup, run Freeze, the purplera1n installer app.

This tool is still in Beta, and it’s recommended that you backup all your data before jailbreaking.

Geohot did mention that he doesn’t usually develop tools for the public, and he suspects Apple will soon patch this loophole – so if you want to jailbreak that 3GS, now’s your chance. Of course you could always wait around for the next dev-team release, which is just around the corner.