redsn0w, the long awaited iPod Touch 2G jailbreak, was announced a couple weeks ago, and released Saturday. The Dev Team folks bill it as "a no frills tethered jailbreak for iPod Touch 2G." The tool is a 16kb download here or here.
They also warn they will be providing no support whatsoever for this program, and will go so far as to ban your user ID from their blog if you post comments asking for support - its a slightly more complex process, and they don't want folks using it who don't know what they're doing. And I'm sure it makes perfect sense that as busy as these guys are, they don't have time to walk folks individually through the process the hundreds of thousands of tim