Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
If the whole process went well, you're all set and dont have to worry about recovery mode because your touch will be reformatted and ready to go.
 
If it is stuck in recovery mode and won't come out something probably went wrong.

Connect it to your computer. When Itunes open it should say something about Itunes detecting an ipod in recovery mode and ask if you want to restore it to default settings.

This will of course undo your jailbreak.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.