It is now possible to Jailbreak iOS 4.2.1 thanks to the latest Redsn0w update that launched a few hours ago. This jailbreak comes with a warning or 2 though such as recommending you jailbreak iOS 4.1 first so that you save SHSH before updating. This is quite a stern warning saying it will be needed in the future. Hopefully you didn’t rush and update to 4.2.1 just yet.
Also a warning that unlockers should stay on iOS 4.1 is given on the iPhone Dev Team website as the current baseband on 4.2.1 cannot be unlocked just yet.
As for the iOS unlock, the Dev Team suggest that an unlock will be available for the 3G and 3GS by the end of the week.
Also note that for now, the iOS 4.2.1 jailbreak on newer hardware is tethered, meaning you’ll need to tether your iPhone each time you reboot it.
We recommend at this time that you read the full post at the Dev Team Blog. For this reason, we wont link direct to the redsn0w jailbreaks for Mac or Windows and instead, will let you read this article first with all the juicy info.
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