Unfortunately you can't do it preserving your old 5.x baseband. If you want to make the leap to 4.2.1 you will need to use the iPad 6.15 baseband. Be aware you will likely lose GPS services and it will be a tethered jailbreak unless you have an early bootrom 3GS.
EDIT: If you have an OLD bootrom 3GS you can preserve baseband and be untethered. I'm assuming you have a new bootrom unit.
EDIT: If you have an OLD bootrom 3GS you can preserve baseband and be untethered. I'm assuming you have a new bootrom unit.
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