Now that redsn0w has been updated to jailbreak iOS 4.2.1 you may be wondering what’s involved in actually jailbreaking your iPhone. Here are some tips and instructions to help. First of all, if you have an unlocked iPhone don’t update your device to the official iOS 4.2.1 or use the redsn0w 0.9.6b4 jailbreak. You will lose your unlock.
Always back up your SHSH files before jailbreaking. This will preserve your ability to downgrade in the future. You must also find out if a tethered jailbreak is necessary on your device.
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Read the original post by Bob Bhatnagar