NOTE: This is an unofficial release
I just jailbroke my iPod Touch 1st Generation with the firmware 2.2.1 update thanks to Vortex, a Russian hacker for creating the bundles for the firmware 2.2.1 update. You can jailbreak firmware 2.2.1 for your iPhone, iPhone 3G, and iPod Touch 1st Generation now. A lot of people are anxiously awaiting this jailbreak but you must realize that it's beta and it won't be worth it jailbreaking yet. iPhone 3G users, do not update to firmware 2.2.1 if you want to keep your unlock because firmware 2.2.1 will update your baseband permanently. You will need to download custom firmware with an earlier baseband in order to use jailbreak.
Firmware 2.2.1 download links:
Download iPhone 2.2.1 firmware
Download iPhone 3G 2.2.1 firmware