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This is just for the iPad but I think you can use this for an iPhone/iPod Touch.
I have an iPad and this is what I did to jailbreak it.
THESE ARE MY OWN INSTRUCTIONS
1st: You should update your firmware to 4.2.1 firmware if you don't have it already...Find this file:
iPad1,1_4.2.1_8C148_Restore.ipsw and put in on your desktop
2nd: Get redsn0w 0.96b4...Here i'll help you with that
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3rd: Make sure your iPad is plugged in and Itunes is running.
4th: Once you get them both, open up Redsn0w
click
browse in the bottom left, find your 4.2.1 firmware on your desktop
5th: Click
Next now make sure that only
install cydia is checked...Click
Next and do what the instructions tell you after that...
6th: Now after that load up redsn0w again and load up the 4.2.1 firmware again. now click
Just boot tethered now and unclick
install cydia...Now follow the on-screen instructions
7th:
REMEMBER, this is a tethered jailbreak which means if your iPad runs out of battery you will have to do step 6 again...Untethered jailbreak will come out soon,ok.