The yellowsn0w iPhone 3G unlock may have only been released back at the beginning of the month, but the iPhone Dev Team haven't been resting on their laurels. Their latest teaser promises redsn0w, a release "not iPhone 3G related (right now)" and for another Apple device that "fits in your pocket"; team member MuscleNerd has since confirmed that it's related to the iPod touch 2G, presumably a Jailbreak app.
For instance, the small section of text on a chip, visible in the circular center of the image, matches text found on the iPod touch 2G's processor. On the far right hand side of the image, the small picture of a girl with a clown is taken from the BBC's test-card, historically played in-between programming, and could either mean "wait for a release" or that redsn0w is currently in testing.
Apple's switch in processors between the first and second generation of iPod touch scuppered Jailbreaking progress. The Dev Team have been concentrating on a baseband unlock for the iPhone 3G, and as such touch owners were uncertain of when they could run Jailbroken apps.