Just wait for further instructions. It was just released so it's going to take some time and you'll see people talking about it allover the place obviously this may take a few days.
If you update now, you will loose your jailbreak but gain the use of the new operating system. Then in a few days whenever the new jailbreak is released you probably will be able to jailbreak again.
Yes, Apple is releasing it today. No you should not update to it.
For those that did not read that, DO NOT UPDATE TO 4.2. *
Ok now that youve read it, wait for the jailbreak to be officially tested and released.
Further, remember that*jailbreak*on 4.2 is likely tethered on newer devices, which means you have to rerun it every time you reboot your device. *This was covered here already.
All you have seen are hacks that "works" but are the Official JB process, you have to wait for the Tool to be update to officially support the firmware that was just released less than an hour ago 🙄
I'm split on the upgrade. I'm actually ready to go native iOS on my iPad, but I will certainly wait for a jailbreak to upgrade my iPhone 4 to 4.2.1. I have my iphone working perfectly on Limera1n + TU and there is absolutely no upside to moving from 4.1 to 4.2.1 for me (or for many others I'm suspecting)
Download of 4.2.1 for iPad is currently under way. Looking forward to the install and going back to stock for a while.
I'm split on the upgrade. I'm actually ready to go native iOS on my iPad, but I will certainly wait for a jailbreak to upgrade my iPhone 4 to 4.2.1. I have my iphone working perfectly on Limera1n + TU and there is absolutely no upside to moving from 4.1 to 4.2.1 for me (or for many others I'm suspecting)
Download of 4.2.1 for iPad is currently under way. Looking forward to the install and going back to stock for a while.