From a recent tweet by the Dev Team member MuscleNerd, it is fair to assume that the Dev Team are definately working on a PwnageTool compatible with the OS 3.1.3 firmware that was released recently.
This is after the problem caused when Apple both released a new iPhone/iPod Touch firmware OS 3.1.3 (which contained only bugfixes) and the fact that they suddenly stopped signing the OS 3.1.2 firmware. This means users who needed to restore, couldn’t restore to OS 3.1.2 any more but only to OS 3.1.3.
There already are some jailbreaks for OS 3.1.3, Redsn0w and Sn0wybreeze, but as Redsn0w doesn’t work for the iPhone 3GS and iPod Touch 3rd gen, some users will still need PwnageTool. Sn0wybreeze is not getting very good reviews at the moment and it probably would be wise to wait for PwnageTool rather than Snowybreeze.
But as MuscleNerd says, if you are not having any trouble with OS 3.1.2, do not update. There is no point.
