A new exploit called the SHAtter Jailbreak will allow all iOS users including iPhone 4, iPad 3G, and iPod touch 4G to jailbreak their mobile devices for life. This is BIG news for those that jailbreak their iDevices. With SHAtter, the jailbreak community will always have their jailbreak. Apple won't be able to patch the SHAtter jailbreak exploit, and the cat and mouse game with Apple and jailbreakers will most likely end.
According to a page on The iPhone Wiki (Google Cache), the SHAtter jailbreak is the first exploit in the S5L8930 that will allow unsigned code execution to create a tethered jailbreak for life, and as an initial vector for all new untethered exploits to come. The SHAtter jailbreak vulnerability, exploitation and payload were created by pod2g and posixninja. No release date for the SHAtter jailbreak download has been announced yet.
If you want to jailbreak iOS 4.1, stay tuned. We will post more details about the SHAtter jailbreak as we get them. Feel free to follow @QuickPWN on Twitter for the latest news on the SHAtter jailbreak.