What is the RevirginizingTool?The iPhone Elite Team (a fork of the original iPhone Dev Team) has released RevirginizingTool, a "one click" revirginizing program that runs on your iPhone. After running this, you should be left with a locked iPhone (ie the state your iPhone was in when you first bought it). This news is in development as it was out only 3 hours ago and steps to use it (also on the same page) are being updated as I type.
Edit: Only 2 hours after this posting, the steps have been refined to be much more user friendly. However, at the rate that things are progressing, someone is probably hard at work developing a GUI version of this - a proper one-click tool. And don't be surprised if that actually surfaces tomorrow. :)
Edit (Oct 24 2007):
Edit (Oct 25 2007): Newer version of Virginator out.
Does it work?Although this is supposed to be a "one click" tool, there are extra steps required, mainly to backup certain important files in case something goes wrong. If this tool works as advertised, then it would replace the IPSF server method that gained popularity a few days back.
Edit: Users are reporting success with the tool (at the link above).
Need help?Threads at Hackint0sh about this revirginizer are being removed presumably because this tool is not developed by the iPhone Dev Team and they can't provide support for it.
Edit: Visit iPhone Elite Team's forum for discussion on this tool.
Here's a working thread at the InsanelyMac forum. Very little posts though.