Apparently the latest release of the iPhone operating system, iPhone OS 4.0 has been successfully jailbroken just a few short days after it was made available to developer’s reports an article over on itproportal, and was jailbroken by the same iPhone Dev Team member that hacked the Apple iPad.

Apparently the guys over on apple insider have revealed that MuscleNerd has broken into iPhone OS 4.0 on an iPhone 3GS and has installed a virtual networking client called Veency and said client only works on jailbroken iPhone handsets.

However, MuscleNerd has announced via his Twitter account that the new iPhone OS 4.0 beta SDK release is extremely “buggy” and has advised iPhone users not to try the code.

Apparently the iPhone Dev Team have also taken issue with Apple’s claims that hardware issues are the reason multitasking isn’t on the iPhone. Having said all this whether the iPhone OS 4.0 jailbreak will work when Apple eventually ships iPhone OS 4.0 is another matter.