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It's the full version. It's like QuickPwn.
No restoring or anything. Just plug up the iPod in DFU mode and do redsn0w.
 
This works for the 2nd Gen iPod Touch also?

Well, since redsn0w is the iPod Touch 2G's jailbreak, I would assume so. Where have you been? The first iPod Touch has been jailbroken since it was released.
Let's keep up.
 
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