It is a very busy jailbreak day today with the release of PwnageTool 3.1.4 by the Dev Team and now GeoHot who just announced the release of BlackRa1n for Mac.
It is important to note that jailbreaking your iPhone 3.1.2 with BlackRa1n requires you to update to 3.1.2 prior to jailbreaking the firmware. If you are looking to unlock your iPhone later on, it is not recommended using BlackRa1n as it will update your baseband.
Should you want to jailbreak your iPhone 3.1.2 to unlock it later on, I suggest you use PwnageTool instead as it will not update your baseband. As a matter of fact, I recommend using PwnageTool over BlackRa1n if you can.
You can download BlackRa1n for Mac from our downloads page. For a step-by-step guide on how to use BlackRa1n, please read our BlackRa1n jailbreak tutorial.