No, you cannot hunt with it--even on private land.
Here is a copy/paste from one of my emails from the DNR:
Here are three questions that will guide you to the correct answers:
1. Does the rifle have a barrel at least 16 inches long?
2. Is the rifle chambered to fire a cartridge with a case length of at least 1.16 inches?
3. Does that cartridge fire a bullet that is either .243 inches or .308 inches in diameter (or their metric equivalents, 6mm and 7.62mm, respectively)?
If the answer is yes to all three, then it’s legal under HEA 1231, a law passed earlier this year by the State Legislature.
If the answer is “no” to any of those three questions, it does not meet the HEA 1231 standards for new rifle options.