I know that you can jailbreak on 4.1 but does ultrasn0w work on the iPhone 4 running on 4.1?
No. Expect an unlock at 4.2.
Did the devteam say they were going to have an unlock at 4.2 or is this just hearsay?
Every post about a new unlock is hearsay.
How do you keep the baseband?Yup. I'm unlocked on 4.1 ip4. Used TU to keep old Baseband.
How do you keep the baseband?
How do you keep the baseband?
If you are already on 4.1 firmware, it is too late.