So I've been trying to get WinPwn to work and have run into a snag. After loading the ipsw, I press the iPwner button and run into an error. Almost immediately, I get an error saying "iBoot not found!". This comes immediately after "Creating ramdisk" shows up.

I'm using the WinPwn beta downloaded from www.winpwn.com, I've got the itunes dll files from one of the links on the site and placed in the winpwn directory. The phone is freshly restored through iTunes to 1.1.4, with the firmware downloaded from Apple. I haven't activated it yet. I've tried to run iPwner withe the phone in both recovery and non-recovery modes.

Has anyone else seen this issue or know how to get around it?

Try to ask in the winpwn dev irc channel or perhaps winpwn forum. There might be a solution there. Also since its a beta, report the bugs you find on his forum