GeoHot might have beaten the iPhone hacking Chronic Dev Team to the punch with his ‘Limera1n’ iOS 4.1 jailbreak, but they appear to be shaking it off with the release of ‘GreenPosi0n’ today. The Chronic Dev Team had planned to release GreenPois0n on 10/10/10, but veteran iOS hacker geohot released his own, different hack after announcing it to no one. The Chronic Dev Team delayed their launch to decide what to do, since releasing different working jailbreaks at the same time gives Apple a chance to plug them up with the release of its next iOS version, making things harder.

While GreenPois0n was expected to use an exploit called ‘SHAtter’, the team decided to go with the hack geohot created. They both work in similar ways, and GreenPois0n is now up and running without SHAtter.

So what will you jailbreak your iPhone 4, iPhone 3GS, iPad or iPod touch 2nd or 3rd generation with? (An iOS 4.1 jailbreak for the iPod touch 2 is in the works as well.) Well, it looks like both of them are still a tad buggy at the moment. Limera1n is Windows only, and while GreenPois0n is multiplatform, it is still beta and reports of crashes are around. Unless you need your iPhone jailbroken tomorrow, I would hold off for the next release of each. That minimizes your chances of something going wrong and a freak, bricked iPhone 4 accident. That would anyone cry.

Still however, no unlock for the iPhone 4 has yet been released. Unlocking an iPhone allows it to use any GSM network and not just AT&T in the US. GSM networks rely on SIM cards and are much more popular globally. Here in the United States, GSM’s competitor, CDMA technology is used by both Verizon and Sprint. It should be kept in mind that while it is quite possible to use an unlocked iPhone on T-Mobile and other networks, they are incompatible with 3G data and are stuck on slower 2G despite the iPhone 4’s ability to use 3.5G data speeds with AT&T.

If you do jailbreak your iPhone or other iOS device, make sure to backup all of your data first. Also, keep in mind that jailbreaking is legal but installing software you do not own is not.

Let me know which tool you will use to jailbreak. Going to wait for the next version of each before you go for it?