Apparently a new version of the redsn0w jailbreak, version 0.8 has now been posted to its official torrents and apparently includes iPhone 3GS compatibility claims an article over on iphonedownloadblog.

Although there is no proof redsn0w 0.8 is any better than the purplera1n jailbreak solution remains to be seen but they do state some of the main features found in redsn0w 0.8 which are…

Redsn0w 0.8 is a stable jailbreak unlike purplera1n (their words not ours), UltraSn0w compatible, Cydia and Icy now fully compatible, and Mobile Substrate and WinterBoard works well.