For those of you who wish to live outside the boundries, the iPhone Dev Team have annouced that there is a tethered jailbreak available for the new iOS 4.2.1 software update which was released yesterday by Apple for the iPhone, iPod Touch and iPad.
A ‘tethered’ jailbreak means that if your device needs to be restarted or powered off and then turned on again, it will need to be physically tethered by a cable to your Mac or PC in order for it to start. Obviously the team are working on an untethered jailbreak to remove this requirement.
The Redsn0w jailbreak uses the same expoit (Limera1n) but currently can only be used to install Cydia on a device, not a carrier unlock (which is apparently being worked on).
As ever, jailbreaking your device carries risks and can result in instability in running programs. While it is perfectly legal to do, jailbreaking does void your Apple warranty for that item. However, for those that want to free their hardware, head on over to ModMyi for details.