Jailbreak developer chpwn himself suggests waiting for “the upcoming correct jailbreak” which will require you to restore your device. It appears that Cydia is working on the iPad, but it is offering very few tweaks and apps to work properly on iOS 4.2.1. These are enough reasons for me to wait for the “real thing”, the untethered iPad jailbreak.
iPhone 3G, iPhone 3GS (old iBoot) and iPod Touch 2G MB have untethered jailbreaks available.
As for the iPhone 4, iPod Touch 4G/3G/2G MC, and iPad...it is still a tethered jailbreak.
Many jailbreak tweaks force you to reboot your device, a tethered jailbreak can be a difficult to deal with.
If you must have your iPad jailbroken now... then go here, download redsn0w, and follow the instructions. Otherwise you can undo your jailbreak and get iOS 4.2.1 and try out the new features.
Drop a comment with your experiences with Cydia apps working correctly on iOS 4.2.1.
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