A new jailbreak is available for the lates apple update, 4.0 and can also be installed on the iPhone 4. The jailbreak is available from jailbreakme.com and can be installed on-device, no need for a computer. The software has support for the 4.0 software which wasn't available before. However it's not all gravy, because the jailbreak is so new, there are still a few bugs in the software and can cause some problems. I would recommend waiting a few revisions before jailbreaking.
More info at SMH.com
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