This tutorial has been updated for the latest version of QuickPwn and the 2.1 iPhone Firmware. You can find the 3G tutorial here and the 2G tutorial here. The Mac version is here
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These are instructions on how to jailbreak your 2.0.1 iPhone using the QuickPwn command line tool released by the iPhone Dev-Team. Please remember this is beta software and may not work for some.

Currently the recommended solution for jailbreaking your iPhone using windows is still WinPwn..


Step One
Download QuickPwn from here to your desktop.

Step Two
Double click the downloaded zip file(QuickPwn.zip) to extract a folder called quickpwn.
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Step Three
Download the 2.0.1 firmware for your specific iPhone and place it in the quickpwn folder you just created.
iPhone 2G: iPhone1,1_2.0.1_5B108_Restore.ipsw
iPhone 3G: iPhone1,2_2.0.1_5B108_Restore.ipsw
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Step Four
Replace the logo.png and the recovery.png files in the quickpwn directory with your own custom bootloader images. You can download the iClarified boot logo here and the recovery logo here.

If you are creating your own remember the rules are very strict. They must be RGB or Grayscale format with Alpha channel and dimension bellow 320×480.
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Step Five
Connect your iPhone to the computer via USB cable, make sure iTunes detects it, and then close any iTunes processes that start. Then in the quickpwn folder double click either iPhone 2G.bat , iPod touch.bat , or iPhone 3g.bat depending on which device you are using.
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If prompted click the Run button to launch the batch file.
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Step Six
You will then be asked to power off your iPhone and press Enter once it has been turned off.
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Step Seven
QuickPwn will now help you put your iPhone in DFU Mode. Read through the instructions so you know whats ahead then type in y and press Enter. As an alternative you can put the iPhone into DFU mode yourself using these directions then press Enter.
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Step Eight
First you will be asked to hold down the Power button for 5 seconds. Then you will have to also hold down the Home button for 10 seconds without letting go of the Power button. At the end of 10 seconds you will need to release only the Power button.
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Step Eleven
After a few seconds of holding down just the Home button QuickPwn will detect the DFU mode and start performing operations.

After 8 operations are performed QuickPwn will ask you to “Please wait while your iPhone is Jailbroken”. You can press any key to close the command prompt window.
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Your iPhone will display a turning wheel and in a few minutes will be jailbroken! If you have a 2G iPhone and would like to unlock simply install and run BootNeuter from Cydia.