The new "Backup Plan" version of Redsn0w will be released on Christmas 2010 and in order to make it an untethered jailbreak its requires you to have saved your 4.2b3 SHSH files.
Steps:
1. Download TinyUmbrella here: http://thefirmwareumbrella.blogspot.com/
2. Connect your iDevice
3. Set it into recovery mode by holding down the home and power button until the recovery logo pops up
4. Open TinyUmbrella
5. On the left hand side select your iDevice
6. Click save SHSH
7. YOU'RE done! Wait until I release the new jailbreak video for further instructions!
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