Finally, after the long, agitated wait for the jailbreak.. Its now released folks!
Important note though, there is no UNLOCK (Ultrasn0w) yet. Just wait for the new Pwnagetool so you could create IPSWs without the baseband updates.. Proceed with caution.
This will just jailbreak your 4.1 (and possibly beta 4.2) device. Ola!
From the Dev-Team blog: Dev-Team Blog - redsn0wier