I just bought an iPhone 4S and trying to find a way to unlock it. It’s currently running iOS 5.1 with baseband 2.0.10. Can I unlock it?
Currently you’re out of luck because there’s no way to unlock it. If you had iOS 5.0.1, you can unlock it with Gevey Ultra S or similar type of interposer SIM unlock device.
For now, you can only wait until an unlock tool becomes available.
The unlock is now available here.