Today information was released about the name of the new jailbreak that Geohotz has been working on for quite some time. This app will be very similar to BlackRa1n, and it will be called LimeRa1n. It is said that it is going to jailbreak iphone OS 4.0 as well as previous OS's including 3.1.3 for all devices, including the iPod Touch 3g 32gb. These will all be untethered. However, the jailbreak may not be released until June, as apple may patch it if he releases it before then. Stay tuned for updates, and check my youtube channel at youtube.com/DangleKingPC.
Check out his twitter: http://twitter.com/geohot