As per the ETA, DevTeam has finally released the next version of ultrasn0w which fixes compatibility issues on iOS 4.3.1. If you already updated your iPhone 4/3G S using Pwnage tool/TinyUmbrella, you can now install the new version from Cydia to unlock your device.
Here it should be noted that ultrasn0w 1.2.1 only works on iDevices which have preserved their BaseBands. It is not a new unlock for those who upgraded their iPhone on higher firmwares accidentally. Instead, it will be release anytime soon in future. It also fixes the signal bar issue for those who aren’t using the unlock but retain an older baseband intentionally.
After installing ultrasn0w 1.2.1, we suggest you to reboot your iPhone using the normal way – ‘Slide to Power off’. T-Mobile users in the USA also should disable 3G mode in Settings->General->Network.
A big thanks to @sbingner and @ronaldsb for helping with the testing of this update! – DevTeam
[via DevTeamBlog]