The iPhone 4 has been Unlocked !

Finally! After weeks of hard work, MuscleNerd and PlanetBeing (of Android port for iPhone fame) of the iPhone Dev Team has managed to unlock the new iPhone 4 running on iOS 4. For those of you who don’t know, carrier unlock for US iPhone 4s on AT&T required complete rewrite of ultrasn0w software because of the new baseband OS in iPhone 4.

Looks like I now have an unlocked iPhone 4.
My soft-unlocked iPhone 4 (in Canada). I’ll have video in a couple of hours once I can top-up the SIM. http://twitpic.com/24ycdv

And now that we have both the next version of Spirit like all iOS device userland jailbreak, and unlock for iPhone 4 ready, the wait is now probably for Apple to push the next firmware update i.e. iOS 4.0.1 / 4.1 for iPhone 4, iPhone 3GS and 3G before these jailbreak and unlock tools are made available for public consumption. Stay tuned as will let you know whenever these new tools are available for primetime use! 
UPDATE 1: Another image has been posted, this time with Cydia open.