People are waiting for Redsn0w 0.9 that we covered in our post Redsn0w 0.9 to Jailbreak iPhone 3.1.2, here is another great tool sn0wbreeze for jailbreak iphone 2G, 3G, 3GS (non MC) and iPod Touch 1G and 2G (non MC).

Unfortunately you can not jailbreak iPod Touch 3G using sn0wbreeze. But the thing which may annoy with using sn0wbreeze is that it taken too much steps, so a lot of people prefers blackra1n to jailbreak iPhone 3.1.2 firmware.