Many are waiting for an untethered jailbreak solution on iOS 4.2.1, which does not require an assisted restart using software like Redsn0w.
The Dev-Team has been working on this solution for a while and already has a beta version of Redsn0w, stamped 0.9.7 beta 5, which requires iOS 4.2.1 beta 3 whose SHSH signature has been saved.
This solution, which is currently under development, is only intended for people with a developer account at Apple who can register this version iOS 4.2.1 beta 3.
Many bugs must be fixed before a final version can be offered to the general public, and compatible with iOS 4.2.1.
For his part, Joshua Hill, member of the Chronicle DevTeam explains about his twitter discussion thread than GreenPois0n could also be updated to offer an untethered jailbreak for people on iOS 4.2.1.
We discuss it on the forum.
[ Dev-Team Blog ]