PwnageTool for jailbreaking iOS 4.0.2 is now available for download. As it stands, it’s currently capable of Jailbreaking an iPhone 3GS (sorry iPhone 4 owners) if you mistakenly updated from to the new iOS 4.0.2 update which Jailbreakme.com currently can’t handle. The catch is this tool only covers certain iPhone 3GS’ depending on what bootrom version they carry. For the time being, this tool only works on devices rocking the old bootrom.

So, first of all a word of advice: This is going back to the old kamikaze way of Jailbreaking, so keep in mind there are risks of ending up with a wall brick if things go wrong. If you desperately must Jailbreak, here’s are the steps you need to follow to get things working:

1. Verify what bootrom version you’re using with this tutorial. Remember this only works on the old bootrom.

2. If your device is eligible for the Jailbreak, use this detailed tutorial on how to do things. Sadly this isn’t as user friendly as Jailbreakme.com was, but we know the Dev Team is working their buts off to have this available soon.

3. If you don’t like any of the above, there is a way to downgrade your version of iOS if you’re lucky enough to still have the old OS file archived in your computer. Have a look at this tutorial if you’d like to return to iOS 4.0.1 and later just go back to good old Jailbreakme.com. This tutorial was originally built for the iPhone 3G, but it surely can work for any current models.

(Via: Redmond Pie)

So . If you’re interested