iH8sn0w the developer of sn0wbreeze has confirmed the jailbreak of iOS 4.2 on iPad. Currently it is in beta version because iOS 4.2 was only available for developers this time not for public may be it will release in November. iH8sn0w using Geohot’s untethered bootrom level of limera1n exploit for it.
Currently here is the screenshot as a proof which shows the full root access using MobileTerminal on iOS 4.2 for iPad.
iH8sn0w the developer of sn0wbreeze is a well-know hacker of iPhone who develop many tools like Sn0wbreeze which is used to cook custom firmware, so here is no doubt in screenshot. Still is unclear when he going to release the new tool for iPad to jailbreak iOS 4.2