Geohot brings jailbreak tool for PlayStation 3 on 3.55, which is available now for download. On jailbroken PS3 user can install and run homebrew packages but it does not allow to play backup games or pirated games.
The guide written below can help you to jailbreak your PlayStation 3 on 3.55.
How to Jailbreak PlayStation 3 on 3.55
Plug in a USB stick into your computer and create a folder in it with the name PS3 and inside that create a folder UPDATE.
Download PS3 Jailbreak zip file and unzip it in the folder UPDATE.
Power OFF your PS3 and attach USB drive.
Press and hold the Power button, the system will startup and shutdown.
Then release the Power button, and again press and hold Power, and this time you’ll hear one beep followed by two consecutive beeps.
Release Power button and follow on-screen instructions for recovery menu.
Connect your USB device and chose System Update > Update via Storage Media
It confirms that it has identified Ver.3.55-jb, so click OK button.
Now, accept the on-screen conditions and proceed to Install Update.
Wait for a while your PS3 will be updated in 30 seconds and after 4 beeps, it will shut down.
Now, Power ON your PS3 through console not with controller, it has been successfully jailbroken.