dev Team still works hard, and we recieved the 3.1.2 jailbreak this week.
Still you can’t unlock the new baseband, so don’t upgrade it!
I won’t upgrade to 3.1.2 as my 3GS on 3.1 is working fine.
But i am confident in the good work of the dev team.
Check the PwnageTool 3.1.4 from their blog.