Some vulnerabilities have been reported in Apple iPhone, which can be exploited by malicious people to conduct cross-site scripting and spoofing attacks, and potentially to compromise a vulnerable system.

1) A race condition error when updating a page in combination with HTTP redirection may allow Javascript code from one page to modify a redirected page.

2) A boundary error in the Perl Compatible Regular Expressions (PCRE) library used by the Javascript engine in Safari can be exploited to cause a heap-based buffer overflow when a user visits a malicious web page.

Successful exploitation may allow execution of arbitrary code.

3) An HTTP injection issue in XMLHttpRequest can be exploited to inject arbitrary HTTP requests.

For more information see vulnerability #2 in:
SA25786

4) An error in WebKit within in the handling of International Domain Name (IDN) support and Unicode fonts embedded in Safari can be exploited to spoof a URL by registering domain names with certain international characters that resembles other commonly used characters.

5) An invalid type conversion when rendering frame sets may allow execution of arbitrary code.

For more information see vulnerability #1 in:
SA25786

Solution
Update to version 1.0.1 (downloadable and installable via iTunes).

Provided and/or discovered by
1) The vendor credits Lawrence Lai, Stan Switzer, and Ed Rowe of Adobe Systems, Inc.
2) The vendor credits Charlie Miller and Jake Honoroff of Independent Security Evaluators.
3) The vendor credits Richard Moore, Westpoint Ltd.
5) The vendor credits Rhys Kidd, Westnet.

Original Advisory
http://docs.info.apple.com/article.html?artnum=306173

Other references
Further details available to Secunia VIM customers

Deep Links
Links available to Secunia VIM customers