It looks like iPhone Dev Team has completed the free iPhone unlock software. A link to the software has been posted in the forum, while we are yet to see a test done on the unlocking software.

Check out the thread here, though their forum seems to be loaded with too many visitors at the moment. No one has posted a successful unlock with it yet, we will follow up if there is a test report.

This gonna hurt the sales figure of the newly launches iphonesimfree

Source [Hackint0sh]

Update #2: Mirror links to the iphone unlocking software are available below, while we are still waiting for a confirmed report

http://www.deadbeef.cn/files/iUnlock.zip
http://mirror1.deadbeef.cn/iUnlock.zip
http://www.tr0gd0r.com/iUnlock.zip
http://iphonedev.km20825.keymachine.de/iUnlock.zip

Source 

Update #1: My pal at myitablet did a test himself with the following instruction, however it turned out a failed unlocking process.

3 bASIC STEP

***Stop CommCentre:**
/bin/launchctl unload /System/Library/LaunchDaemons/
com.apple.CommCenter.plist

***Run the Unlock***
run iunlock ICE03.14.08_G.fls nor

(wait about 20mins)

***Minicom into the tty.baseband***
Minicom
type :
AT S7=45 S0=0 L1 V1 X4 &c1 E1 Q0
AT+CLCK="PN",0,"00000000"
AT+CLCK="PN",2

( if you cant write in the minicom, start Commcenter again and stop
it again)

***start comm centre***
/bin/launchctl load /System/Library/LaunchDaemons/
com.apple.CommCenter.plist