Yes I Can!

Jailbreak iOS 4.2 Beta on iPhone 3G & iPod Touch 2G with Redsn0w 0.9.6

How to Jailbreak iPhone 3G & iPod Touch 2G 4.2 iOS

1. Update iPhone 3G/iPod Touch 2G to iOS 4.2 Beta

2. Now start Redsn0w 0.9.6 Beta 1 and click on browse and select firmware iOS 4.1 ipsw (note it’s not 4.2 beta but 4.1 firmware file) for iPhone 3G/iPod Touch 2G.
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3. Click on Next and Redsn0w 0.9.6 Beta 1 will prepare data for jailbreak.

4. Now select “Install Cydia” and click Next. (If you want to disable multitasking & wallpaper then simple uncheck “Enable multitasking and wallpaper” option)

5. You need to power of your iPhone 3G and connected to computer and click on next button

6. At this stage you will need to put your iPhone in DFU mode, to do this hold “Power” button and then hold “Home” button for about 10 seconds. Now after few seconds release “Power” button but keep holding “Home” button until installation begins (about 30 seconds).

7. Now just wait until redsn0w completes the rest of the process. Once done, your iPhone 3G/iPod Touch 2G will restart automatically. Now enjoy your jailbroken iPhone 3G/iPod Touch with 4.2 iOS beta 1.