Rumor has it, the jailbreak for the newest firmware 1.1.3, both for iphone and the ipod touch, is completed!
According to a post at MacRumor.com, by Pedgie06, the jailbreak for 1.1.3 has been completed already. However, the team won't be releasing the jailbreak until Apple release the SDK sometime in February. Sorry folks, gonna have to wait!
The reason for releasing the jailbreak after the SDK is out is that the team want to prevent apple from patching the new hack in the SDK.
According to the post, there is a YouTube video that can prove the successful jailbreaking.