The Dev Team has just announced that they have successfully ported redsn0w 0.9.7 aka Jailbreak Monte to iOS 4.1. The new version of redsn0w will untethered jailbreak for iOS 4.1 probably using SHSHs for iOS 4.1, but I don't really understand why the Dev Team chose to do something like this when 4.1 is already untethered by the method offered in redsn0w 0.9.6. Anyway, after this "achievement" the Dev Team is looking to the future, that is to porting Jailbreak Monte for iOS 4.3, where we will probably need to use a SHSH for iOS 4.3 beta if we want to make an untethered jailbreak.
The statement above is based on the method used by the Dev Team in redsn0w 0.9.7 for iOS 4.2.1 and I recommend to save NOW SHSH for iOS 4.3 beta 2 using TinyUmbrella because we don't know when the Dev Team will ask us to use an SHSH of iOS 4.3 beta to make an untethered jailbreak.
UPDATED: Ok, MuscleNerd clarified the waters a bit. Considering that iOS 4.2 beta 3 had a kernel compatible with that of iOS 4.1 and the untethered jailbreak solution could be implemented, the Dev Team was able to port Jailbreak Monte to 4.1 much more easily. In order to continue unethered jailbreak on iOS 4.2.1, SHSH will no longer be needed for iOS 4.2.1, only iOS 4.1.
You can find more details here.
