It is a new and modded PwnageTool that jailbreaks iPad and brings Cydia back to life on iOS 4.2.1. However there is one disadvantage with this tool (with all jailbreak tools for iOS 4.2.1 till iPhone Dev Teams comes up with a new solution) that it provides tethered jailbreak which means you’ll have to connect to PC every time to put the iPad into jailbreaked state.
Find the method to jailbreak iOS 4.2.1 for iPad after the break.
Step 1: Download iOS 4.2.1 for iPad.
Step 2: Download modified PwnageTool 4.2.1.
Step 3: Download the latest iTunes version.
Step 4: Put all the above downloads in one folder just to ease the process.
Step 5: Back up your iPad contents with iTunes before starting the actual jailbreak process. Now close the iTunes but leave the iPad connected to PC via USB cable.
Step 6: Launch PwnageTool and follow the onscreen instructions for further steps. You can also head over to this post for complete step by step guide on how to use PwnageTool to jailbreak the iDevice.
Here is what you will find in the readme file of modified PwnageTool:
This is a modded PwnageTool to support the latest (4.2.1) for iPad.
It contains a modified Cydia that runs on iPad 4.2.1. Its add-able and everything works ok. (Updating and Installing stuff work, for adding sources, you can type but not see any input but its actually typing).
Note that: After building your bundle with Cydia. YOU HAVE TO BOOT YOUR DEVICE WITH LATEST REDSN0W EVERY TIME YOU WANT TO USE IT- ELSE: No stock apps will launch after boot.