UPDATES
Soon you’ll see yellowsn0w 0.9.1 in the repos. It uses a much longer delay to let your SIM card initialize. If you have problems with 0.9.0, try this one and wait a full minute after you see homescreen, then reinsert sim card. We need both success and failure reports to tune this across the world, so please be patient (but please also report result!)
If you are in the U.S. and are trying this with T-Mobile, you must turn off the 3G switch in Settings. Also if you are good with the command line, you can make it much easier by adding the line <string>-q</string> right after the /usr/bin/yellowsn0w line in /System/Library/LaunchDaemons/org.iphone-dev.yellowsn0w.plist (that’s and advanced tip, hopefully someone will make a boosprefs type of tool for it)
No PIN support yet. Remember how we said this was beta? Well we’re still working out the flow for SIMs with PINs enabled. Please disable any PIN you may have on that SIM before trying yellowsn0w, for now.
The unlock will silently quit on anything other than baseband 02.28.00. It detects the wrong version and just quits to avoid any damage. Please double check your Modem Firmware setting in Settings->General->About.