Ok so an untethered Jailbreak is officially out by Chronic Dev wildly know for us as Greenpoison we used it for as one of the jailbreaks available for 4.1 iOS version, and now it is out for 4.2.1, it was long awaited.
Take notice that Greenpoison will only jailbreak your phone but will not aid in unlocking it to be used by the carrier of choice, as this part is done by UltraSnow, so for all of you depending on UltraSnow for carrier unlock out there at the moment stay away from using Greenpoison as your jailbreaking tool as it requires to use the official firmware by apple then use Greenposion to jailbreak, which in return will update the baseband to the latest released by apple, which are NOT yet supported by ultrasnow.
So until the iPhone Dev Team incorporates the new exploit used by Greenpoison into their Pwnage Tool I recommend that all unlockers be patient to get a custom firmware that supports unlocking, till then I recommend using redsnow to jailbreak and unlock your phones on 4.2.1
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