Great News Everyone!!! The long wait for the Untethered iOS 4.2.1 Jailbreak is on its way and it will be here before Christmas. As you all know, up to this point the only iOS 4.2.1 jailbreak that was available is the Tethered Jailbreak which is pretty inconvenient if you ask me.
MuscleNerd of the iPhone Dev Team has confirmed that he has got untethered jailbreak working on the latest iOS 4.2.1 firmware. He further explains that this a “backup” plan to Comex’s upcoming userland method and that it is generalizable.