Do not upgrade to iOS 4.2 yet, you could lose your ultrasn0w 5.14.02 unlock. Wait until the Chronic Dev Team says that it is okay.
Most of you are asking about the unlock for iPhone 3GS running iOS 4.1 with baseband 5.14.02, and now we have good news for you all, as the release date became very imminent. As told before that iOS 4.2 iOS 4.2.1 will be released by Nov 24th for public and the dev-team has confirmed the arrival of the updated ultrasn0w to unlock baseband 5.14.02 after the iOS 4.2 iOS 4.2.1 official release by two days, so you will enjoy the unlock with your hands by Nov 26th.
Check out the warning video,