Geohot is an iPhone hacker and creator of blackra1n. Today he posted a movie showing an untethered jailbreak that supposed to work on all current tethered models, iPod touch G2, iPhone 3GS, iPod touch G3 and should probably also work on the iPad! We don’t know when this jailbreak will be available. (movie after the break).
The jailbreak is all software based, and is as simple to use as blackra1n. It is completely untethered, works on all current tethered models(ipt2, 3gs, ipt3), and will probably work on iPad too.