The Dev Team just released an updated version of their famous Mac jailbreak,PwnageTool 4.2. This new version ofPwnageToolallows you to update your iPhone to a newer firmware while preserving your baseband. PwnageTool is the onlyjailbreaktool to let you do that, even though there are manual ways toupdate while preserving the basebandusing TinyUmbrella.
In short, PwnageTool is unlockers’ favorite jailbreak as it allows to keep the unlock alive while still updating the iOS.

The Dev Team was able to make a few improvements to PwnageTool, notably a fix for theiBooks problemwe reported this morning…
PwnageTool also includes two very recent improvements to the 4.2.1 JB: iBooks was just fixed by @comex and @pushfix last night so that it works as intended on DRMed books, and the wifi problem on AppleTV 2G was fixed by @nitotv, @DHowett, and @saurik. Both of these fixes will also be available in upcoming Cydia package updates, so if you’re already jailbroken you’re able to wait for those updates rather than restore and jailbreak again.
The various components to the 4.2.1 untether (including a second exploit involving Mach-o headers) were worked out by 0naj, posixninja, and pod2g, and a nice writeup by 0naj is availableon the wiki. The actual injection method uses geohot’slimerainexploit for most devices. And even though 4.3 is just around the corner, the exploit used has already been closed in the latest 4.3 betas, so it made sense for the 4.2.1 untether to be released when it was. It also appears that a security researcher named @i0n1c has a4.3 untether readyfor when Apple releases the final 4.3 FW, so it may not be a long wait at all with 4.3!
PwnageTool 4.2 will work with the iPhone 3G, 3GS, 4, Verizon, theiPad, iTouch 3G and 4G, and theApple TV.
We have atutorial on how to usePwnageToolto jailbreak your iPhone 4.2.1. You candownload PwnageTool 4.2from ourdownloadssection.