UPDATE 2 : Redsn0w 0.9.7b3 now available. This version extends the fix made in beta2 over to the non-GUI programs.
Download Redsn0w 0.9.7b3 for Mac OS X
UPDATE 1 : iPhone Dev Team has just released the second beta of Redsn0w 0.9.7 to convert tethered jailbreak of iOS 4.2.1 to untethered on new-generation iOS devices. The second beta is still for testing only so stay away if you rely on your device or care for an unlock.
Download Redsn0w 0.9.7b2 for Mac OS X
The iPhone Dev Team has released the necessary jailbreak tools which can untether the latest iOS 4.2.1 jailbreak on iPhone 4, iPod touch 4G, and iPad. Old-generation iOS devices already have untethered jailbreak on iOS 4.2.1. The updates Redsn0w 0.9.7b1 brings untethered jailbreak for those devices on iOS 4.2.1.
Below is the full step-by-step guide to jailbreak your iOS device using Redsn0w 0.9.7b1 and get untethered jailbreak immediately.
STEP 1: First of all, you have to jailbreak your iOS 4.2.1 device using Redsn0w by following the step by step instructions posted here.
STEP 2: Once jailbroken, tap on Cydia and check if your 4.2b3 SHSH blobs saved or not. You should see “SHSH: 4.2b3″ in the status.
STEP 3: Now download Redsn0w 0.9.7b1 from the links given below and connect your iPhone, iPod touch or iPad.
STEP 4: Since this is a beta release, you must have usbmuxd that can be download from here. Now start terminal in python-client directory then type in the following commands:
chmod +x tcprelay.py
./tcprelay.py -t 22:2222
STEP 5: Now start Redsn0w 0.9.7b1 and point it to the official iOS 4.2.1 .IPSW file.
STEP 6: In the next page, check on Jailbreak Monte which untethers your iOS 4.2.1 jailbreak then point it to iOS 4.2 beta 3 firmware.
STEP 7: Final step is to put your iOS device in DFU Mode using Redsn0w instructions on the screen.
Finally, sit back and let Redsn0w go in bunch of steps and you’ll finally get untethered jailbreak on your new-generation iOS device.
Please note that this is a beta release, and upcoming versions will bring support for Windows users and will have built-in usbmuxd for easy process.