Of late, one of the common frustrations among iPhone users looking to jailbreak their iDevices is that the available jailbreak solutions seem to be perennially stuck in work-in-progress mode. This is pretty much expected given that the good folks at iPhone Dev team and Chronic Dev team are contributing to the solution in their spare time and are not exactly paid for this.
We have not heard about any significant development from the iPhone Dev team over the past week. However, in a recent announcement, Chronic Dev Team has revealed that their Greenpois0n untethered jailbreak solution for iOS 4.2.1 will soon be on its way.
While no estimate time of arrival was given, the release should be pretty exciting given that the earlier Greenpois0n was supposed to be a tethered jailbreak. Also, the developers have noted that unlike RedSn0w, the upcoming Greenpois0n release will not require users to save SHSH blobs from iOS 4.2.1 beta 3. That would make the process all the more simpler.
Here is a video released by the Chronic Dev team that showcases the jailbreak software in action.