PwnageTool 4.3.1 Bundles for iPhone 3GS are out now. So, you can now jailbreak iPhone 3GS 4.3.1 iOS. It’s effective for New Bootrom as well as Old Bootrom versions. It’s not official version of PwnageTool and requires you to manually patch it with Bundles. And it’s tethered jailbreak of course, so you will need to boot tethered to start iPhone in jailbreak mode.
To jailbreak iPhone 3GS 4.3.1 and iPhone 4 4.3.1 with PwnageTool Bundles, follow the guide we posted earlier, as the method is exactly same for iPhone as it is for iPad. Here’s the link to the guide: