Apple iPhone Malformed VML Data Remote Code Execution Vulnerability

A POC exploit has been written that can crash Safari on the Apple iPhone
when the user visits a maliciously crafted webpage. This affects:

Apple iPhone 3.1.3
Apple iPhone 3.1.2
Apple iPhone 3.0.1
Apple iPhone 3.1
Apple iPhone 3.0

The POC claims the ability to execute arbitrary code via this exploit.
Apple has not yet released a patch or verified this issue.

iPhone Users are recommended to use caution while browsing the Internet
or clicking on unknown links. Applying updates from Apple when they are
released should mitigate this issue.

This exploit most likely affects iPod Touch devices as well as iPhones.