Yesterday evening the iPhone-Dev team released their highly anticipated tool called Pwnage! This tool will Pwn your firmware and activate and jailbreak your iPhone / iPod Touch. Check out this video to see how it works:
It is also confirmed that it will work with the Firmware 2.0 beta seeded to developers. There are two detailed Wiki entries explaining the Pwnage step by step for the 1.1.4 and 2.0beta Firmware over at ModMyiFone.com
A Windows version is announced and will be published soon. Remember to Quit the iTunesHelper in the Activity monitor before putting the iPhone / iPod Touch into Restore Mode!