In a move that surprised much of the iPhone hacking community, limera1n was released today by "retired" iPhone hacker, George Hotz, or geohot. Hotz appeared to come out of hiding to release a new jailbreak utility that works on all iDevices running iOS v4.1. Normally this news would be met with only excitement, but his release comes a day before the chronic dev team was planning on releasing their own jailbreak, greenpois0n.
Without going too much into the technical details, completing a jailbreak involves finding an exploit, or some hole in the Apple iOS code or hardware. As you might imagine, the amount of available holes are pretty limited and finding them can take a significant amount of time, so 2 different exploits being used for the same iOS version is undesirable. Once an exploit has been used and made public, Apple has the needed information to patch the hole in future revisions. The hacking community is hoping that the chronic dev team will either implement geohot's new exploit and delay their release, or stall their release altogether to maintain the integrity of the second exploit.
Whatever happens, initial reports coming back indicate that limera1n works well on all devices range from the iPhone 3GS to the new Apple TV. To download limera1n, you can visit http://www.limera1n.com, but remember, I take no responsibility for your device if anything goes wrong! If anyone is interested, I can post a detailed guide for running limera1n. Good luck!