http://www.iphonealley.com/news/iphone-v1-1-1-jailbreak-apptapp-installation-guide
It's been a couple of days since the iPhone Dev Team announced that they had a successful jailbreak, but their method was not released to anyone outside of the team until just recently. This afternoon we received an email from an anonymous source detailing rough jailbreak instructions. After following the instructions myself, I have written a substantially more refined guide for jailbreaking and installing AppTapp on a 1.1.1 iPhone. Guide after the jump!
Before we begin, I'd like to say that this method is not refined yet. Read the entire guide over. If anything is confusing or unclear, don't do it. This guide is not meant for novice users. An easier solution will come soon from the dev team.