Jailbreak for all models on iOS 4 is out. JailbreakMe works on the device itself! Visit this website on your iPhone, iPod touch, or iPad to get started.
What’s a jailbreak? Why jailbreak?
A jailbreak is simply the ability to run apps and use themes and tweaks not approved by Apple. Jailbreaking doesn’t slow down your device or use any extra battery, and is fully reversible (just restore in iTunes). A jailbreak lets your device be how you want it.
Head to www.jailbreakme.com from Safari on your iDevice and get going!
Update: the servers are overloaded right now so you might not be able to enter the site!