Today early we told you that @muscleNerd has confirmed that he has got a backup to untether the Jailbreak for ios4.2.1. And @MuscleNerd showed a quick video demonstration of the untether jailbreak he had done to the iPod 4. This means Untether jailbreak for all iDevices.
And @Musclenerd said that he will wait for @Comex to come up with a proper solution and he is working on it.

Meanwhile a person asked @Comex that:

So we can expect the jailbreak before Christmas or on Christmas. It is confirmed by @Comex.

Let’s hope all goes fine and we get an untether jailbreak or iOS 4.2.1.

Till then stay tuned with us cause we will be updating you as soon as we hear any  more news on this stuff and follow us on Twitter and do visit out Facebook page to stay up to date with us.