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Hours ago, Apple released iPhone OS 3.1.3 and as usual in this case, I recommended that you do not update if you care about your jailbreak or unlock.
Update 1: [Don’t go near this if you have 3GS, newer ipt2G, or any ipt3G] Thanks to daring experimenters in the comments, we can confirm that yesterday’s redsn0w works for today’s 3.1.3 update for iPhone 2G. Just point it at the 3.1.2 iPhone 2G IPSW after doing update or restore to 3.1.3. So far we’ve only confirmed this for iPhone 2G. (Note that if this does work for iPhone 3G too, you can only use it if you don’t care about the unlock.)
Update 2: [Don’t go near this if you have 3GS, newer ipt2G, or any ipt3G] Can confirm that this method works for iPhone 3G and iPod touch 1G too. Don’t do it for iPhone 3G if you need an unlock though (really, don’t!). For older iPod touch 2G, we’ll need a small (1-character) change in redsn0w source.