iPhone Dev-Team has released redsnow 0.9.6b3 to jailbreak newly released iOS 4.2.1. SSH and SSL support are the main highlights of this release using which you can install bundles and packages independent of Cydia, which is currently broken on 4.2.1.
We’ve made some updates to redsn0w to make it easier for jailbreak developers (and tinkerers) to get their programs ready for 4.2.1.  As noted above, the public version of Cydia (and MobileSubstrate too!) is not 4.2.1-compatible.  redsn0w will now let you install your own custom bundles independent of Cydia (the bundle can actually be Cydia if you’ve compiled it on your own).  These bundles can be up to 15MB in size, and should be in the form of a gzip-compressed tar file.
Note: If you rely on ultrasn0w unlock then you should stay away from this release of redsn0w. We will update you as updated ultrasn0w will be released.
Download Redsn0w 0.9.6b3 for Windows from here.
Download Redsn0w 0.9.6b3 for Mac from here.
Download SSH Bundle from here.
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