The folks over at Spirit have released an untethered jailbreak for the iTouch devices from Apple. The untethered jailbreak is compatible with the iPhone OS 3.1.2, 3.1.3 and 3.2. The untethered jailbreak works only on activated iPod Touch/iPhone and iPads.
The official site has a word of caution for the iPad users saying On iPad, all this is still sort of beta. Some packages in Cydia, not designed for iPad, might screw up your system and require you to restore. Be careful. (And no, Cydia’s appearance is not final.)
The iPad users are recommended to make a backup before trying out the jailbreak. If things go wrong, the iPad users are supposed to use the backup to restore the device to a working state. The Spirit Jailbreak works only on the iPhone 3G and the iPhone 3GS. The original iPhone users have been left out in the cold.
Please keep in mind that the Spirit jailbreak does not activate your iTouch device(s). Jailbreaking allows you to install 3rd party applications on your iTouch device which have not been approved by Apple.