This new jailbreak for iphone4 and 4s came out today via jailbreakiphone4s. However, I have never used this service and I have not heard anything else from my normal sources on this jailbreak being tested and ready to go, so I would not download it right now, but instead keep my ears open for the next few days.
Its already known that a jailbreak has be done and pod2G is just finishing up his. I’m going to wait, I recommend you do the same.
If this is a solid untethered jailbreak, it will get out. As always, wait for a few people to test this out first before doing it yourself. Unless you dig living on the edge with your phone, make sure a number of people have tried and it works first. I’ll update as I heard more on this jailbreak.