The release comes a month after the release of Frash for iPad on July 8, 2010.
It's called Frash and it allows jb'd iPhones to view Adobe Flash content. It was released today by Comex, the developer behind Spirit and the browser-based JailbreakMe tool released a week ago.
Once you have jailbroken your iOS device and installed Frash (RedmondPie.com has a simple step-by-step guide), you can view Adobe Flash in Mobile Safari. Not all Flash content will work though. Frash is in the early development stages (version 0.02), so only basic Flash animations will display, mainly advertisements.
Adobe should have released a jailbreak Flash app a long time ago.
Are you installing it?
Update: Redmond Pie has posted a video of an iPhone 4 with Frash to display the performance: