How to: Jailbreak iPhone, iPod Touch on iOS 4 with Redsn0w


The iPhone Dev Team has surprised as with a new version of Redsn0w 0.9.5 but this time it Enables Multitasking. This new version can jailbreak your iPhone 3G, and iPod Touch working on iOS 4 and also it can enable Multitasking and wallpapers, To do so follow the step by step guide after the jump..
What you need:
iOS 4 installed on your Device (iPhone 3G/ iPod Touch 2G) from Here.
iTunes 9.2 beta from Here.
Redsn0w 0.9.5 from Here.

Steps: 
Step 1: Connect your Device to Mac via USB

Step 2: Extract Redsn0w then Load it, click on Browse and Select firmware 4.0 GM from your desktop then click next..
Step 3: Now, after some installation, Redsn0w will show you a screen like this. You have to Select "Cydia" and Select "Enable Multitasking and wallpapers" (Optional)

Step 4: On the next screen you will be asked to put your Device in DFU Mode.
Step 5: Now an automated process will begin to Jailbreak your Device, just sit back and let Redsn0w do it.
Step 6: After the your Device reboot, go to Cydia --> Manage --> Sources --> Edit --> Add and add this source to your source list: http://apt.saurik.com/cydia-3.7
Step 7: Now you got your device jailbroken and the funny thing it got multitasking and wallpapers.

Update 1: Redsn0w 0.9.5 Jailbreak for iPhone is avaliable for Windows.
Update 2: Redsn0w 0.9.5 Beta 5 Adds Battery percentage and Verbose boot and More.
Update 3: Redsn0w 0.9.5 Beta 5 has update to hacktivate iOS 4.0 for iPhone3G (in addition to jailbreaking the iPhone 3G and iPod Touch 2G).You can Download Redsn0w for Windows and Mac.