The only way at this point to jailbreak your iPhone 3GS 4.2.1 untethered is if you:
1. Have a Mac
2. Have SHSH blobs saved for 4.2b1 which you mostly don't.
3. Are a developer with a legitimate copy of the 4.2b1 ipsw which you most likely aren't.
But you can jailbreak tethered using the latest redsn0w.