It appears that iOS 4.2.1 will have an untethered (via greenpois0n) jailbreak released before iOS 4.3 is launched...mainly due to greenpois0n RC5 not being compatible with iOS 4.3.
It appears that Apple may have closed the exploit (loophole) that is currently being utilized in iOS 4.2.1 tethered jailbreaking. It is expected that greenpois0n jailbreak will work on iPhone 4, iPad, and iPod Touch. Hopefully I'll get to bring this announcement to you SOON!
Follow us http://twitter.com/iPadJailbroken or join our Facebook page to keep updated on all the latest jailbreak information for your iPad.