I already told you yesterday that redsn0w 0.9.6 beta 2 is compatible with some versions of iOS 4.2, but today we have confirmation that this jailbreak solution is compatible with iOS 4.2 GM released last night by Apple. It is a bit curious that the Dev Team released a version of redsn0w that jailbreaks iOS 4.2 just one day before Apple released the new version of iOS, so the team probably knew when and how Apple was going to make the next move. Anyway, although you can jailbreak iOS 4.2, it is still not advisable to venture into such a thing because iOS 4.2 has an unblockable baseband and Cydia + most of its applications do NOT work properly on iOS 4.2.
If you still want to update to iOS 4.2 (and you have the phone registered in a developer's account) then download redsn0w 0.9.6 beta 2 and direct it to a version of iOS 4.1 to jailbreak iOS 4.2. Be very careful when doing this so you don't wake up with an unblockable phone.
