George Hotz (a.k.a. geohot) confirmed during the "nuit du hack" meeting in Paris that he's already working on an exploit for the iPhone 4. He said that he posted pictures of his jailbroken iPad way before Spirit released its tool, and now he's working hard to release its exploit once the new iPhone is released.
How he believes the exploit is gonna work we don't know, but in the meantime check out the (blurry) video of the meeting after the break.
Federico is the founder and Editor-in-Chief of MacStories, where he writes about Apple with a focus on apps, developers, and iOS productivity. He founded MacStories in April 2009 and has been writing about Apple since. Federico is also the co-host of AppStories, a weekly podcast exploring the world of apps.