A Twitter users has asked the popular iPhone developer Chpwn about the progress in the new Cydia. He has confirmed that Cydia has been prepped for use on jailbroken iOS 4.2 devices. Due to many API changes in iOS 4.2, Cydia had to go through a long overhaul which was long overdue.
Now that Cydia is ready, and Apple is about to release iOS 4.2 (tomorrow?), we will have to wait for Comex to implement a userland exploit so that Geohot’s Limera1n can be extended beyond iOS 4.1 for a full untethered jailbreak.