Early today, iOS 4.2 GM was seeded and we showed full how to guide to install it right now and jailbreak it using Redsn0w 0.9.6b2 but in case you followed our guides, you may noticed that Cydia is broken on iOS 4.2 so the jailbreak might be delayed until this problem is fixed, according to iPhone hacker comex. Among this bad news, there's other good news after the break.
However, a 4.2 jailbreak might be delayed because Cydia doesn't work on 4.2 yet. Not sure how close @chpwn is to finishing his fixes.If you are one of our readers, you may know that all jailbreak tools on the web are based on Limera1n's exploit with the untethered hacks that Apple caught in iOS 4.2 and all jailbreaks became tethered (i.e. you have to jailbreak your device every time your iPhone is rebooted). Butcomex has announced in a tweet that in case you saved SHSH blobs of iOS 4.1, you will be able to get untethered jailbreak for iOS 4.2. So, go ahead right now and save your device's SHSH blobs to be able to get untethered jailbreak on iOS 4.2 next week.
Anyone with blobs for 4.1 or earlier should be able to get an untethered 4.2 jailbreak; this is not done but is being actively worked on.[Thanks everyone who sent this in]