As expected Today iphone Dev team has announced new Version of Redsn0w 0.9.7b1 is available to jailbreak Untethered ios 4.2.1 on iphone 4, iphone 3GS/3G, ipad and ipod touch.As after Long wait Finally Jailbreak tool for ios 4.2.1 is available but still this is in Test version Final version is Not available for public as on Now.
Before proceeding please note that this is the Only Test version you have to wait for Final version. it may have some Bugs so it better wait for some time for stable version.
Download Redsn0w 0.9.7b1 for Mac OS X from Here. Stay tuned with us we will provide you step by step instructions very soon.