Few minutes ago, iPhone dev-team has released new update for the unlock tool ultrasn0w, they released ultrasn0w 1.2.2 to fix compatibility issues to unlock both iPhone 4 3GS running iOS 4.3.2 on old basebands.

Ultrasn0w 1.2.2 can unlock the following basebands:
01.59.00 / 04.26.08 / 05.11.07 / 05.12.01 / 05.13.04 / 06.15.00
Ultrasn0w 1.2.2 can’t unlock the following basebands:
02.10.04 / 03.10.01 / 04.10.01 / 05.14.02 / 05.15.04 / 05.16.02
iPhone 3GS users:
To get the unlock for your device. You have to jailbreak your iPhone 3GS with 6.15.00 basebands on iOS 4.1 / 4.2.1, you can follow this guide for PwnageTool Mac or this guide for Redsn0w Windows / Mac (You may lose your GPS)
Pre-Requirement: 
You have to jailbreak your iPhone 4 or iPhone 3GS on the latest iOS 4.3.2, you can follow this guide (Untethered with Sn0wbreeze 2.6 for Windows) or this guide (Untethered PwnageTool 4.3.2 for Mac)
Step 1: Open Cydia on your iPhone 4 or 3GS, Go to Manage->Sources
Step 2: Now tap on “Edit”, then tap on “Add”
Enter the following repo http://repo666.ultrasn0w.com then tap on “Add Source” as shown below.

Step 3: Now search for ultrasn0w 1.2.2 then install it. By installing ultrasn0w 1.2.2, your device became unlocked

Step 4: Finally, restart your iPhone and  you should now enjoy an unlocked iPhone 4 or 3GS on  iOS 4.3.2.
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