iPod touch 4G on iOS 4.2.1

Your State of Jailbreak:

Ready to Jailbreak

Good news! There are is a jailbreak available for your iPod touch.

greenpois0n RC5:

greenpois0n, like limera1n is a fairly simple and straightforward jailbreak that supports most devices. While not quite as user friendly as a jailbreak such as JailbreakMe it remains to be a solid choice.

greenpois0n RC5 Tutorial