If you've been waiting patiently for an unlock for iOS4.2.1 on your iPhone, today's your day.
iPhone Dev-Team member, MuscleNerd, has confirmed Ultrasn0w unlock is released today.
At the moment, it's only be for the iPhone 3G and 3GS.
Your iPhone will have to be jailbroken and Ultrasn0w (yes, the 0 is a zero) is in the Cydia app store.
The current Redsn0w jailbreak only gives an untethered jailbreak for the 3G and the 3GS with older bootroms running iOS4.2.1. For newer devices like the iPhone 4, or ones where the bootrom has been updated, it's still a tethered jailbreak, which means you have to re-run Redsn0w most times you reboot your device.
Work is continuing to perfect an unlock and untethered jailbreak for the iPhone 4, and it's hoped both will be released soon.
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