Minutes after the official release of iOS 4.2.1, the folks at the iPhone Dev Team were able to roll out a compatible jailbreak tool for those enjoying the benefits of a hacked device. A compatible version of Cydia is unavailable for the latest iOS right now, but the jailbreak is, in all senses, a go for iPhone, iPod touch, and iPad using the Team’s redsn0w 0.9.6 beta 4.
Before users proceed with following the steps below, Pctipsbox would like to note that jailbreaking is not particularly encouraged.
Also, see this post for compatible devices and the particularities involving each device model with respect to this jailbreak. For example, this is a “tethered” jailbreak which, for some, may involve hassle they’d rather avoid. Go here to learn more about the drawbacks involved by a “tethered jailbreak.”
With all that out of the way….