I've been receiving a lot of questions about the state of current jailbreaks, especially when it comes to the just released iOS 4.3 beta and the Verizon iPhone (demo models ran iOS 4.2.5). The jailbreak community is working on a jailbreak but they have stated it will not come out as long as iOS 4.3 is in beta. There's a good reason for this. Most jailbreakers already realize it's a cat and mouse game with Apple.
If one of the dev teams has an exploit, they don't want to burn it. If they release it now, Apple can patch it before the final release and it's of use to no one. Unlocker @MuscleNerd isn't planning on releasing an unlock until iOS 4.3 is official, and for good reason. Here's what he has to say -
Official iPhone unlock statement: no unlock will be released until after 4.2.5 or official 4.3 (whichever is last) is out
I can't imagine a general jailbreak tool being any different. No point burning exploits for no good reason. So on that front, just be patient. And as always, don't upgrade right away if you plan on jailbreaking.
In the mean time, you can make sure you save your SHSH blobs if you're already jailbroken. You can also read through our jailbreak starter's guide if you're curious but new to the jailbreak scene.
Click through for a current list of firmwares and what your jailbreak options are under each firmware. We've also got some links handy after the break to walkthroughs explaining each method.