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Redsn0w 0.9.7 developed by the iPhone Dev Team that is currently available for beta testing - needs iOS 4.2 beta3 SHSH blobs, which is a major problem as it limits the number of users who can use it (as beta versions of iOS is only available to developers of iOS Dev program).
iPhone Dev Team have recently announced that they're planning to address this issue as they've managed to successfully port the Monte technique to iOS 4.1.
iPhone Dev Team revealed this via the following tweets: