I used pwnage tool to unlock my iphone to 2.0 now that 2.0.1 is out can I update it freely or do I have to wait
You have to wait.
+1 you have to wait... i would subscribe to this thread since it seems like its getting the most coverage on the 2.0.1 FW http://www.modmyi.com/forums/news/27...available.html
YOU CAN UPDATE FREELY!!!! you will lose the jailbreak functionality but the unlock and activation will stay intact. If you don't find yourself needing cydia and the apps that require your phone to be jailbroken, i would simply upgrade.
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