updated 11:45 pm EDT, Mon July 25, 2011
Tethered trick won't work for iPad 2
Members of the iPhone Dev Team report that the current version of Redsn0w, originally developed for 4.3.4, continues to offer a tethered jailbreak for iOS 4.3.5, which was released by Apple released earlier today. The jailbreak technique works with most iOS devices other than the iPad 2, Redmond Pie reports. The Apple update, which addresses the issue of web certificate security, does not prevent Redsn0w from working.
The Redsn0w hack is available for both Mac and Windows users, and offers a method by which users can "jailbreak" their devices, thus allowing them to make custom personalizations and download non-App Store apps that are not authorized by Apple, which opens up the possibility of security issues. The jailbreaking procedure can also be used to unlock some devices, though no unlock techniques have yet emerged for iOS 4 as of yet.
Currently, all jailbreaking programs that work with iOS 4.3 or higher are "tethered," meaning that the device must have the jailbreaking procedure performed all over again each time the device either loses power or otherwise needs to be restarted. Apple's release of iOS 4.3.4 plugged the security exploit that untethered (or semi-permanent) jailbreak techniques used, and the company has begun the practice of implementing baseband checks, making untethered jailbreaks much more difficult.
The tethered jailbreak for iOS 4.3.5 requires downloading the 0.9.8b4 release of Redsn0w as well as both the 4.3.4 and 4.3.5 updates from Apple. [via Redmond Pie]