iPhone Dev Team claims that though redsn0w is not as fast as blackra1n but it can handle more variations.
iPhone Dev Team has released the beta version of redsn0w for both Mac OSX(x86) and Windows users.
The beta version of redsn0w supports:
All iPhones and iPod touches except the iPod touch 3G
iPhone OS 3.0 and iPhone OS 3.1.2
They plan to support iPod touch 3G, PPC OSX, and Linux by the time it is out of beta.
It uses our original Pwnage bootrom exploit for iPhone 2G, iPhone 3G, and iPod 1G. (Because it's a bootrom exploit, it can't be fixed by Apple without a new hardware release.) Note that redsn0w 0.9 does use the USB exploit for iPhone 3GS and iPod 2G running 3.1.2, but that exploit will be fixed in Apple's next FW release.
It offers custom logos and verbose boot.
It installs Cydia without needing a separate download
It's not as fast (but redsn0w handles more variations)
In case you have the latest iPhone 3GS model or iPod Touch 2G model whose serial number begins with MC or any iPod Touch 3G, that comes with the latest boot ROM then Dev team has the following advice:
You can use redsn0w to jailbreak but you are currently restricted to “tethered” rebooting. That means you need to connect your device to a computer to complete the boot after a reset. Also, these devices cannot have custom logos.
redsn0w will ask you whether or not you fit in this category when used with the iPhone 3GS or iPod touch 2G. If you have a late-model device and don't give redsn0w the correct answer, you will likely need to do a system restore to recover from the mistake.
To do a tethered boot after your late-model device resets for some reason, either run redsn0w again and select “Just boot tethered right now”, or run blackra1n.
You can download the latest version of redsn0w from the links available at the bottom of this wikee page.
Please remember hacking your iPhone could void its warranty. So please proceed with caution and at your own risk and don’t forget to take a backup of your iPhone (refer to this post for more details).
As always, let us know how it goes in the comments.[via Dev Team]