Within few days of Geohot’s Blackra1n, a much more elegant jailbreaking solution for the iPhone and iPod Touch is now released – Pwnage 3.1.4 for Mac (Download it here). This time around, users don’t have to fiddle around with DFU mode like they did with the last iteration of this tool.
All you have to do is create the custom firmware and Option-Restore (Mac) / Shift-Restore (Windows) the custom firmware in iTunes!
Those of you who want the custom firmware, download them here!

I was trying to Jailbreak an iPhone 2G, iPod Touch using redsn0w 0.9 and interestingly enough, had the same issue “stuck at Waiting to reboot” message in redsn0w in both instances. I tried both Mac OS X Leopard and Win XP with no avail.
UPDATE : I faced the same issue with iPhone 3G and 3GS too! Fortunately enough, it has a simple solution.
Solution : When you see the ‘Waiting for reboot’ message in redsn0w, unplug the USB cable from the iPhone and plug it back in! Weird but it worked …