The Chronic Dev-Team has just released the latest version of Greenpois0n, which features an untethered jailbreak for iOS 4.2.1 without the need for SHSH blobs. The exploit they are using has already been patched in iOS 4.3.
Currently it is Mac only and is a beta release. A Windows version will be released "soon." You can download the jailbreak from here.
As always, we will have a tutorial posted very soon
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- Posted using my iPhone 4