Here are the instructions I wrote:
Ok for those that want to do this, do it at your own risk!
1) Backup iphone using itunes.
2) Go to
http://intelliborn.com/mywi.html
3) Click where is says to click here for details.
4) Locate package for your phone (I used redsnow)
5) Download redsnow
6) Download the latest IPSW file for your phone from apple (this is your current firmware)
7) Run Redsnow or whatever jailbreak program you downnload
8) The jailbreak package will ask for your IPSW.
9) It will patch IPSW then ask you to enter DFU mode on phone (it really directs you on what to do)
10) Once complete, go to Cydia on your phone.
11) Download the Mywi 5.5 software thru cydia (will cost you $19.95)
12) COnfigure phone as hotspot
13) your in business - enjoy!
Oh, you can still use itunes to sync and backup but I think if you restore you lose it and have to install cydia again. But you won't have to pay the $19.95 again.