Apple has just pushed out iOS 4.3.4 for the iPhone, iPad and the iPod touch. And thankfully, we have cooked custom PwnageTool bundles which allows you to jailbreak any device (except for iPad 2) running iOS 4.3.4, and at the same time preserve your baseband for an Ultrasn0w unlock later on.

Redmond Pie has tested and can 100% confirm that they are working. Keep in mind that the jailbreak is tethered for now, in other words, if your device loses power or restarts then you would have to boot it into the jailbroken state again. No matter how annoying it may sound, but its better than having no jailbreak at all.

Check out their tutorial here