This is old now:
Those guys at the iPhone dev team have released a new Jailbreak for the latest iPhone OS. If you try to use it I found that it just hangs, yes I know the website will be over loaded but even using a mirror site I still had problems.
The fix I found was to go into the Settings/Safari and clear the History , cache, and cookies. Then try the Jailbreak again.
Run the jailbreak from your iPhone safari browser here www.jailbreakme.com or if that’s busy try http://jailbreakme.modmyi.com
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