Apple just announced that iOS 5 will be released in the fall. But as developers have access to beta versions of Apple software prior to its release it allows for them to develop methods to jailbreak and unlock it. There has already been an announcement by MuscleNerd, one person on the iPhone Dev Team, that a jailbreak solution has already been
The Gevey SIM method to unlock is compatible with most iPhones. In fact, when Apple releases the iOS 5 for the iPhone you will still be able to unlock it by using a Gevey SIM. The procedure words because it does not rely on any software modifications to the operating system.