The Chronic-Dev team have recently released GreenPois0n RC5 that will perform an untethered jailbreak on the latest iOS 4.2.1 release on all iOS devices. The next version is staed to bring untethered jailbreak to the Apple TV.
This is very simple to use, first you have to make sure you of course have a backup of your device, so plug in your device and launch itunes and perform a sync. Make sure you are running the 4.2.1 release, if you aren’t, update to this now.
Once you have all that completed, launch GreenPois0n and connect your device.
Click on the button “Jailbreak” and follow the instructions on putting your device into DFU mode.
After this is complete, you will have a new icon on your springboard labelled “Loader”. Launch this and proceed to install Cydia, after which it will ask if you want to remove “Loader”. A simple respring will occur and you will now have Cydia.
Congratulation, your iDevice is now running 4.2.1 and untethered jailbreak.
I have posted the files below for download as there site seems to be going up and down.
Currently it is available for Mac and Windows with a planned Linux release in some time.
Mac:
Windows:
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