If you choose to jailbreak your iPhone, iPod Touch or iPad. Never apply an update until after you have researched the consequences of doing so. You may lose access to your jailbreak apps, or in the case of the iPhone, you may lose your software unlock, rendering your phone useless if you have taken it to another carrier. You may want those shiney new Apple features, but if you value your jailbreak, hold off until it is safe.
As Craig said, jailbreaks typically occur within a few days to a week or two after a minor update release. But after a major release it may take weeks. Patience is important to a smart jailbreaker. Hounding the jailbreak forums asking "is it out yet? is it out yet? won't speed up the process either.
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