Yeay! The legendary Dev-Team did it again and released the new version of the Pwnage Tool, the desktop application that’s used when jailbreaking iPhones and iPod touches. And while it might be tempting to upgrade that 1st generation iPhone to be able to arrange all your apps in a very simple way, it looks like the best idea right now is to wait.
Random shutdowns, very poor battery life, bricked phones and general slowness are some of the problems discussed on Apple’s website. Until Apple issues a fix, avoid clicking on that update button.