What's the best way to unlock a UK iPhone?

Are there any updates on unlocking a new OTB iPhone with firmware 1.1.2 in the UK? There are so many forums and commercial websites with long convoluted solutions that I'm at a lost as to what set of instructions to follow.

Most involve rolling back to version 1.1.1, performing the jailbreak to use a PAYG O2 Sim, unlocking and then upgrading back to 1.1.2. Is this currently the best option or is it worth waiting for Apple to release a new version of the firmware?

Any help would be greatly appreciated.