Ryan's worked well for me. Although I believe both work well, I went with "Tether" because I like the idea of going through the frameworks (in case Apple changes the way they use the preferences files) and because I've used other utilities from Ryan before.
With SBSettings open and the phone connected via USB, a tap on the toggle seems to activate/deactivate tethering almost immediately. Nice job, and worth the wait.
Only thing is, the toggle is blank without an icon logo. Just a minor aesthetic thing.
Since this crippled iPhone needs constant recharge mine is plugged in most of the time. But on USB with tethering on you lose valuable screen space, and with many apps important information is hidden.
And in Germany t-mobile's trickle rate castrates your transfer speed after 200MB of volume.