"MuscleNerd just uploaded this video booting a untethered iPhone 4 and I heard they are on their way to unlock bb 02.10.04."
comex (playing Santa) has just confirmed in a response to iCykey that the untethered jailbreak for iOS 4.2.1 will be available before christmas.
iCykey: @comex I want a 4.2.1 untethered jailbreak for christmas
Comex: @iCykey you’ll get it.
According to @musclenerd, the current implementation doesn’t use any new exploit, but @comex is working on a better system that will perhaps be implemented in the final release.
Of course...there is no word yet of the release date, just a "guaranteed deliver date" that was provided from comex...don't forget to wrap the jailbreak comex!