To fix the Bluetooth issues,The iPhone Dev Team has updated Redsn0w 0.9.7 untethered iOS 4.2.1 jailbreak for removing Bluetooth issues and any sand-box related issues will be fixed.
The update follows as:
The fifth beta is now available (testers ONLY please!). Bluetooth is now working (and any sandbox-related issues should be resolved too). Please do not pirate the 4.2b3 IPSW! Only those enrolled in the iPhone Developer program have legitimate access to that IPSW using these links (http://pastie.org/1403214) (the links won’t work unless you’re a legit developer currently logged in).Stay with us for more details................
In actual sense this is a Windows version of beta5, but it’s slow as compared to the Mac version because it’s forced to use files on your hard drive instead of RAM while it’s processing the very large IPSW images. It really is very very painfully slow, so we probably won’t be releasing it for testing purposes unless it can be sped up somehow.