Tech talk Digest

PwnageTool bundle has been released to jailbreak iPod touch 4G running the newly iOS 4.3.1, You can use this bundle with PwnageTool 4.2 to create custom jailbroken 4.3 firmware file for your iPod touch 4G. But you have to know that it's still tethered jailbreak which means you will need to restart your iPod touch in a tethered-jailbroken mode on every reboot using tetheredboot utility.
You can follow the guide HERE  (iPhone 4 jailbreak guide) to jailbreak your iPod touch 4G / 3G but with the below changes

• (Changes on Step 1), download iPod4,1_4.3.1_8G4.bundle file and move it to the location as mentioned in the instructions. 

• (Changes On Step 6), select “iPod touch 3G, 4G” option when PwnageTool prompts to select your device. 

• (Changes On Step 7), browse for iOS 4.3.1 for iPod touch 4G.. duh
• (Changes On Step 14), use kernelcache.release.n81 and iBSS.n81ap.RELEASE.dfu instead of kernelcache.release.n90and iBSS.n90ap.RELEASE.dfu

• (Changes On Step 15), use the following commands in Terminal:

Tip: Simply drag and drop in Terminal – tetheredboot file, then iBSS file and then kernelcache.release file.

/Users/TaimurAsad/Downloads/tetheredboot/tetheredboot
/Users/TaimurAsad/Downloads/tetheredboot/iBSS.n81ap.RELEASE.dfu
/Users/TaimurAsad/Downloads/tetheredboot/kernelcache.release.n81

Download iOS 4.3.1 for iPod touch 4G
Download iTunes 10.2.1
Download PwnageTool 4.2
Download iOS 4.3.1 PwnageTool Bundle (with Universal Ramdisk Fixer) for iPod touch 4G

[via RedmondPie]