Hi
I have an OTB 1.1.2. I had unlocked/jailbroke it using ZiPhone 2.5 but I had some problems on it such as SMS and phone crashing. But I used this tutorial and it worked quite fine:
http://www.iclarified.com/entry/comm...commentsanchor
I restored to 1.1.4 in iTunes 7.5. I uninstalled iTunes 7.6 just to be on the safe side because some people had ran into some tiny problems using 7.6 so I decided to get 7.5
I had previously downloaded 1.1.4 firmware though.
Everything went just fine. and now it works.
However one of my SIM cards does not work on iPhone (it didn't work even on 1.1.2) but my MTN works fine. I am in Iran by the way, I think you'll have no problem with O2.
Good luck
PS: in case you didn't know how to restore and all other stuff (just like i didn't know) you can find good tutorials on iClarified.com