Redsn0w 0.9.10b7 has been released by the key member of iPhone Dev Team MuscleNerd. This version brings improvements in performance. Redsn0w b7 can now fetch the blobs from Cydia while stitching and cooking custom firmware. If you accidentally removed the untethered jailbreak, it can re-install it.
The most important feature in this version is the native support of Cororna A5 untethered jailbreak for iPhone 4S and iPad 2.
Redsn0w 0.9.10 b7 also shows more information about the device like whether the bootloader is vulnerable or not and like whether your iPhone 3GS is old bootrom or new bootrom.
According to MuscleNerd the next version of Redsn0w will bring many more features. He also says that he is trying to remove the need of iTunes to restore iOS firmware on iPhone/iPad in next build. So stay tuned to shoutpedia for latest updates from iPhone and Chronic Dev Teams.