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Dan Mead, left, CEO of Verizon Wireless, and Tim Cook, COO of Apple, announce that Verizon Wireless will carry Apple's iPhone, Tuesday, Jan. 11, 2011 in New York. (AP Photo/Mark Lennihan)
Greenpois0n, as it is called, was just released for download. A YouTube video shows how to use the software to unlock a Verizon iPhone within a matter of minutes.
Of course jailbreaking your phone comes with a myriad of risks, including voiding any warranties provided by Apple and Verizon and sometimes preventing OS updates and on occasion crashing problems that in the past have led to some people seeing a creepy cartoon of Steve Jobs speaking Russian.