The iPhone Dev-Team recently announced the release of PwnageTool 4.2, which is their iOS 4.2.1 untethered jailbreak for both the AT&T and Verizon iPhone models. It also covers the following devices:
- iPod touch 3G
- iPod touch 4G
- AppleTV 2G
This will also allow unlockers to jailbreak their iPhone and retain their current baseband, which will give the, the ability to unlock with UltraSn0w if they are still on baseband 01.59.00.
Also included is the iBooks fix by Comex. It also takes care of a wifi issue with Apple TV.
Download the latest release here, it's the link provided by the Dev-Team.
In case you need help as for how to jailbreak your iPhone with PwnageTool, refer to our guide: Here. The guide mentions 3.0, but the process is the same.