Learning Rails

Since we are so close to Rails 3 should I wait for Rails 3 to dive in and start learning or should I start now with 2.3.5?

I think it doesn't hurt to start learning it already. It's gonna be a major update but the essential stuff will be more or less the same.

I wouldn't be surprised if there will be two parallel releases, as it'll be some time before most Rails sites migrate over to Rails 3. So now is the time to take up rails if you haven't already and move to Rails 3 once you are comfortable.