Yesterday, we told you that MuscleNerd and PlanetBeing are cooking an iPhone 4 unlock, and they already got the baseband bootrom. They had to compare it with previous models and check for bug fixes and possible exploits.
Today MuscleNerd announces some progress, and tells us that everything goes according to the plan, and the unlock should hit us any time now. Next step is to keep the task backgrounded like they did for 3G/3Gs. Backgrounded task is the unlock. As for the jailbreaking part of the device, the upcoming update of Spirit , will jailbreak all iOS devices running iOS 4.