Can I Unlock my iPhone 4 without Sim – iOS 4.0.2 – O2 UK Factory locked ?

This is what i have . An iPhone 4 with iOS 4.0.2 (baseband 01.59) factory installed and locked on O2 uk. I don’t have any sim card in the phone yet, because it was shipped to me without it from UK , and I am from another country (going to make a micro sim myself if it is possible to unlock it ).
So know I am searching web for instructions to how unlock this phone so that it will work for me
with local providers. I only wish to know, will I be able to unlock this phone without O2 or any other sim card in the phone ? or do I need sim that is compatible with the phone to unlock it ? I couldn’t find any information about this situation.
So should I just wait for a jailbreak for iOS 4.1 (then upgrade) and then try to jailbreak and unlock it ? or should I ship this phone back to UK ?
Thanks for your help .

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