iH8sn0w, the Sn0wbreeze developer, has now successfully jailbroken the iPad running on iOS 4.2 Beta firmware. While working on Sn0wbreeze tool for iOS 4.1, the developer has managed to get the root access of iPad iOS 4.2 Beta 3. He has used GeoHot’s Limera1n exploit to implement the jailbreak in the upcoming iOS firmware.
Sn0wbreeze 2.1 jailbreak tool will be released for iOS 4.1 and iPad OS 3.2.2 users, and it will also support the iOS 4.2. With the help of this tool, you can jailbreak iPod Touch 2G, iPod Touch 3G, iPod Touch 4G, iPhone 3G, iPhone 3GS, iPhone 4, iPad and Apple TV 2G.
Apple has already announced a fix to patch the Passcode Hack bugs and some other bugs, which means userland based tools will not be much useful for users. iOS 4.2 will not allow untethered jailbreak, so users will have to deal with tethered jailbreak only.
The developer has posted some screenshots of iPad OS 4.2 Jailbreak -

