Niacin, of previous PSP hacking fame, has released a working jailbreak for the iPod touch and the iPhone running v1.1.1 firmware. While this hack does show promise and can achieve full read+write access, it’s still very early on in the development process and no graphical, one click install solution exists to accompany it. Basically, you try this hack at your own peril, and unless you’re a hardcore hacker, I would suggest waiting for a neatly packaged version so you can be certain it wont brick your device.

The jailbreak relies on a TIFF exploit found in the mobile version of the Safari web-browser running on both devices and will almost certainly be patched in the next firmware update from Apple, simply because it’s a real security hole and would be patched anyway. It also requires iPhuc, available only for OSX, so Windows hackers will have to wait a little longer before getting their devices opened up.

There is also another jailbreak purportedly coming from the original iPhone Dev Team that doesn’t rely on the TIFF exploit and may yeild a more permanent. polished solution. I’ll be keeping an eye on both of these attempts and as soon as a Windows front-end is created, I’ll be hacking my iPod touch along with a full guide on how I did it.