Despite Apple's best efforts to stop the easy jailbreaking process, version 4.0.2 has already been defeated. The victor is the free iPhone and iPod Touch tool, redsn0w, which claims to work with Apple's latest iOS update, according to new RedmondPie report.
The latest version of iOS 4.0.2, was released just this week as a fix to the widely reported PDF exploit. The exploit in question allowed alternative jailbreaking tool JailbreakMe easy access to the iPhone, offering up a simple way to quickly jailbreak a device.
But don't get too excited: Redsn0w can't just jailbreak any up-to-date iOS device. Sadly, redsn0w's efforts only work if you are rocking a 2008 iPhone 3G or second generation iPod touch.
If you have an older iPhone or iPod touch and want to give jailbreaking a go with iOS 4.0.2, be sure to head over to Redmond Pie for full instructions.