Well, that didn’t take long. iPhone Dev Team member MuscleNerd posted pictures of a jailbroken iPhone 4 last night, running a high resolution version of Cydia and a full root shell.
Don’t get too excited though: this jailbreak is using code from @comex Spirit jailbreak, which is based on a user exploit and can be easily fixed by Apple with a software update. With rumors of iOS 4.0.1 coming out tomorrow, it’s very likely that Apple will address this and remove the possibility to jailbreak the iPhone 4.
If not, we should get ready for Spirit for iPhone. Maybe.