The latest update about JailBreaking is that TheiPhone Dev-Team has successfully ported “Monte” technique back to iOS 4.1. This will enable users to untether the iOS 4.2.1 jailbreak on iPhone, iPad and iPod touch without having 4.2b3 SHSH blobs saved on Cydia.
With the next Redsn0w 0.9.7 update (possibly for both Windows and Mac), you will now be able to untether your iOS 4.2.1 jailbreak using iOS 4.1 IPSW files.
Next step is to port it forward for iOS 4.3 Betas, tweets MuscleNerd:
Turns out the 4.1-blob version of Monte wasn’t so hard http://is.gd/3yMmRb… Next step: porting it forward to 4.3beta!