New versions of the iPhone Dev Team's PwnageTool and redsn0w iOS jailbreak tools havebeen released, to handle iOS 4.3.1. Offering a jailbreak option for the iPhone 3GS and iPhone 4 (GSM version), along with the third- and fourth-gen iPod touch, first-gen iPad and second-gen Apple TV - but not the Verizon iPhone 4 or the iPad 2, yet - it's an untethered solution meaning you don't have to plug your device into a PC/Mac whenever you want to restart it.
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