13 Year old developer AriX has just released version 0.6 of iJailbreak. This amazing and simple app automates the process of jailbreaking your iPhone or iPod Touch. iJailbreak is a free download and makes jailbreaking your iPhone and now iPod Touch as easy as clicking a few buttons. 0.6, the latest release of iJailbreak has full support for the 1.1.4 firmware and allows you to “freely enable the $20 iPhone apps.”
I talked to Ben Feldman, the co-developer last night and he told me that even though the iPhone SDK is out, he still recommends jailbreaking your phone. iJailbreak is a free download, however they will gladly accept donations.