Redsn0w version 0.9.7 jailbreak is now available for mac users. The untethered iOS 4.2.1 jailbreak has been released by Dev-Team as their “backup plan”. This jailbreak supports only fourth generation devices i.e iPhone 4, iPod 4G and iPad and remember this is a beta version and be careful about using this tool to jailbreak your device as it may be vulnerable to errors.
Download Redsn0w 0.9.7 Untethered Jailbreak from here
We recommend not to use this jailbreak and suggest you to wait for the final release. The windows version of this jailbreak will be available soon.
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Update: After Jailbreaking iOS 4.2.1 with Redsn0w 0.9.7b1 iTunes, Music, and Bluetooth Stuck