Within hours of Nullriver releasing its NetShare application through Apple’s iTunes Store, Apple apparently put the kabosh on the application, which allows users to turn the iPhone into a modem. Users can, of course, still use the application on a jailbroken iPhone, if they can find it. Nullriver doesn’t have the application available for download from its website.

NetShare, the iPhone application that allows you to tether your iPhone or iPhone 3G to your computer with a simple button-press, went live in the AppStore yesterday. Then it disappeared. Now it’s back again. Whatever the reason for the mysterious disappearance, NetShare seems to be back online and ready to do your iPhone internet connection share bidding.

NetShare allows you to use your iPhone or iPhone 3G as a wireless modem for your computer. The application sets up a SOCKS5 proxy, which essentially allows your computer to tunnel through your iPhone’s data connection to access the web. Unfortunately, email clients and instant messaging programs won’t work through the iPhone tether. The SOCKS5 proxy is only good for serving up data to your computer’s web browser (Safari, Firefox, etc.).

Find NetShare here.