Untethered iOS 4.2.1 jailbreak: Greenpois0n for Windows released
The Chronic Dev-Team has released Greenpois0n for Windows which brings an untethered jailbreak to iOS 4.2.1 devices. You can jailbreak iPhone 4, iPhone 3GS, iPod Touch 2G, iPod Touch 3G, iPod Touch 4G, iPad.
You can download the latest version of GreenPois0n from here.
Update: Step-By-Step tutorial
UPDATE: Please, consider reading our Jailbreak & Unlock FAQ, especially if you have questions or troubles.
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