Yes, it's already possible to jailbreak the iPhone 3GS, and Firmware 3.0.1! Hackers find holes in everything. This method works for jailbreaking all the iDevices including the first gen iPod Touch, 2nd Gen iPod Touch, 1st gen iPhone, iphone 3g and iphone 3gs!
Here are the download links:
Redsn0w and IPSW Bundles are needed to jailbreak the iPhone this way.
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