iPhone hacker Planetbeing of Dev-Team reports installing Android OS on an iPhone: "Android is in control," he says on the demo video.
I've been working on this quietly in the background. … Hopefully with all this groundwork laid out, we can make Android a real alternative or supplement for iPhone users. Maybe we can finally get Flash. ;)
It's in alpha, however, which means you don't get to install Android OS on an iPhone–unless you're very adventurous indeed.