The iPhone DevTeam have a new tool out to go with their iPhone Pwnage 2.0.2 Tool, called QuickPwn. Currently QuickPwn requires your device to be running version 2.0.1 of the iPhone/iPod firmware but this requirement will change in a subsequent release.

quickpwn iphone

QuickPwn lets you jailbreak your iPhone more quickly and easily without requiring a full restore.