Pwnage Tool 4.2 has been released. Untethered jailbreak and unlock for iOS 4.2.1

The iPhone Dev-Team has released Pwnage Tool 4.2 which adds support for creating an untethered jailbreak for iOS 4.2.1

The benefit of using Pwnage Tool is that it keeps your baseband in its previous state allowing you to unlock your iPhone for use on a different carrier like T-Mobile.

Pwnage Tool 4.2 supports the following iDevices:

• iPhone 3G
• iPhone 3GS
• iPhone 4
• iPhone 4 – Verizon
• iPod touch 3G
• iPod touch 4G
• iPad
• Apple TV 2G

You can get the torrent on this site.