Today the Chronic Dev Team added a video teaser showing off their untethered jailbreak for the iPhone. pod2g mentioned that something was coming. According to the tweet, onaj, p0sixninja and pod2g worked on this untethered iOS 4.2.1 jailbreak tool. Not too long ago the iPhone Dev Team released the redsn0w 0.9.7 for untethered iOS 4.2.1 jailbreak which result in many bugs being reported. Although the iPhone Dev Team has introduced many betas of redsn0w 0.9.7 it was essentially a backup plan and the better untethered iOS 4.2.1.
There have also been plenty of rumors that the untethered release will be held off until iOS 4.3 is implemented. Hopefully the iPad and iPhone jailbreak will arrive immediately after some initial testing and tweaks with iOS 4.3.
From p0sixninja on YouTube
"Coming Soon!!!! Keep an eye on http://www.greenpois0n.com"
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