Now that WinPwn is officialy out i've decided to make a nice and easy guide for people to use.
]First thing first, you need to get a copy of winpwn. then you need to get the 1.1.4 restore file for your iphone or ipod touch.
Open up winpwn and select
browse .ipsw . To get the 1.1.4 firmware you can download it from the apple website, and SpoonForKnife has all the firmware links in his signature.Select *
iPhone1,1_1.1.4_4A102_Restore.ipsw or i
Pod1,1_1.1.4_4A102_Restore.ipsw . then press open
*If you need to restore for whatever reason you can do this by holding down the home and power buttons while plugged into the computer.
winpwn tool will alert when the firmware is ready. Now select ipwner, scrolling white text will appear on your device, don't worry this is normal. winpwn will let you know when your device is pwned, *and it will say wait for reboot, don't touch ANYTHING
CUSTOM FIRMWARE
First select ipsw builder, and a new window will popup, it will have three tabs.Then go into custom packages tab (which is the first tab), and select apps you want to be on your firmware.

Always install BSD subsystem. In custom logos(the second one) tab, select wether or not you want custom logos and pick the ones you want.
then in the general tabs (which is the third one) select what you want to do. *I recommend selecting activate, enable baseband update, neuter bootloader, unlock baseband, and auto delete bootneuter.app.[/center]

as you can see winpwn wants a thing called bootloader pictures. the BL-46. bin and BL-39. bin, you will have to find these on your own as they are illegal and property of apple.
Once you click build ipsw, winpwn will create a custom firmware and load it into itunes' directory. Then go into itunes and on your cpu shift-click on restore and choose your custom firmware. When your device restarts it load bootneuter.app don't touch anything wait for it to go to the home screen[
I really hope this helps!