Well guys here it is!
Step 1: Download Winpwn 2.0.0.4 from here: Winpwn.comStep 2:Make sure you have iTunes 7.7 installed on you computerStep 3:If you are going to unlock your phone for another carrier you'll need these boot images: 3.9 & 4.6(if you are just jailbreaking, I don't think you will need these files)Step 4:If you didn't already update you iphone, then you can download the 2.0.1 firmware from here or hereStep 5:
Install Winpwn and extract the bootloaders and firmware to your desktop.
Step 6:
Connect you iPhone to you computer and open winpwn. This will be the screen that pops up:
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Step 7:Click Browse.ipsw and select the firmware that you have just downloaded from the links above.
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Step 8:
Click IPSW Builder and you will be presented with this screen:
On the screen above under the applications tab you need to check the box for Cydia. If you want Installer you can check that also, but it is still in beta and very unstable.
*ONLY CHECK YOUTUBE ACTIVATION FIX IF YOU DON'T HAVE AT&T AS A CARRIER* (leave it unchecked if you do have AT&T)
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Step 9:
Click the custom images tab. If you check use custom logos, it will use the logos shown for boot and recovery. If you don't check custom logos, then the standard Apple logos will stay on your phone.
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Step 10:
Skip the custom payload tab. Click on the advanced tab.
(IF YOU HAVE AT&T MAKE SURE EVERY BOX IS UNCHECKED!!!!!!!)
~if you do not have a carrier check activate phone, enable basband update, unlock baseband, autodelete bootneuter.app)
~Click the two bootloader buttons and choose the corresponding files for each one (the 3.9 & 4.9 you downloaded in the beginning)
*AGAIN, LEAVE EVERYTHING UNCHECKED IF YOU ALREADY HAVE AT&T!!!!*
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Partition Resizer. Move this to 550MB
-----------------------------------------------------------Step 12:Click Build.ipsw at the bottom left of the window. Save the file to the desktop (or somwhere you can easily find it)
~After you click the Build.ipsw and save the file--shortly this window will pop up: Click OK.
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Step 13:
Click iPwner and select the custom firmware file you just made.

Once you select the custom firmware and click open you will be presented with this message:
Click OK.
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Open iTunes.
Step 15:
You now have to place your phone into DFU Mode.
~Here are the steps to do that~
- Power down your iPhone.
- Once your iPhone is off, hold down the sleep/wake button and home button together for exactly 10 seconds.
- After 10 seconds release just the sleep/wake button, but continue to hold the home button for another 10 seconds or until you see a message in iTunes that says "waiting for iPod" or something along those lines. You may have to keep the home button pressed longer than 10 seconds so just wait till you get a message from iTunes then let go.
- Your phone is now in DFU Mode. iTunes will post a message recognizing that your phone is in recovery mode.
*IN DFU MODE YOUR PHONE'S SCREEN WILL BE BLANK*
*IF IT SHOWS THE RECOVERY LOGO, THEN YOU ARE NOT IN DFU MODE AND HAVE TO START THE DFU PROCESS OVER AGAIN*
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Step 16:
If you are correctly into DFU Mode, then hold shift and click on restore.
Find and choose the custom firmware file you made with Winpwn and click open.
iTunes will then start restoring your phone with the custom firmware that you made.
When iTunes has done it's thing, it will ask you if you want to restore from a backup or start as a new phone. YOU WANT TO START AS A NEW PHONE!!!!
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*IF YOU ARE UNLOCKING YOUR PHONE FOR A DIFFERENT CARRIER, DURING THE ITUNES RESTORE YOU WILL SEE YOUR PHONE DOING SOME STUFF WITH THE BOOTNEUTER AND BOOTLOADER---THESE STEPS MAY TAKE A WHILE SO JUST LET IT DO IT'S THING---DO NOT INTERRUPT IT!!!!
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That should be all. Enjoy your jailbroken and/or unlocked iPhone!