Initial success on iOS 4.1 and iOS 4.2 unlock has been reported by Sherif Hashim, an iPhone Baseband Hacker, on twitter. This next unlock will most probably be made public after the final release of iOS 4.2 but it will work on both iOS 4.1 and iOS 4.2 basebands.
However it is still unclear whether Ultrasnow will be updated for this purpose or a new unlock app like Limesnow will be launched.
Yesterday we also shared the news that Geohot is working on new Limesn0w unlock for iOS 4.1 and iOS 4.2 but it is still a rumor and has not been confirmed by any reliable sources.
Update:
Here is another reply of Sherif on twitter to an iPhone user confirming the unlock for basesband 05.14.02.
@sherif_hashim is that means there will be next ultrasn0w update for bb 5.14.02???
@zaid_almtewti hopefully :)
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need help unlock 3gs Baseband 05.14.02 iOS4.1 pleaqse help
No unlock available for this baseband.