It’s a conflict as old as time: Apple releases an iPhone OS update and the hacking/unlocking community releases an updated version of its software.

For those of you who are happy to use an unlocked version of the iPhone, the iPhone Dev Team has released PwnageTool 3.1.5 that handles Apple’s newly-released iPhone OS 3.1.1 while preserving your device’s ultrasn0w unlock and jailbroken state.

As usual, there are the customary precautions to take regarding the legality of this, what Apple has to say about this, etc. Still, in the end, you can see improvements such as the improved accuracy of your iPhone’s reported battery level.

If you’re up for this, take a stab at it and let us know how it goes.