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Redsn0w
The redsn0w program is a specific implementation of the 0x24000 Segment Overflow for the iPod Touch 2G and, since version 0.8, the iPhone 3G[s]. It's a command-line utility for Windows, OS X and Linux that jailbreaks the device and installs basic jailbroken software on it, in a manner similar to QuickPwn. It's currently closed-sourced but the executable is being worked into several third-party GUIs as the underlying engine.
Credit
Exploit
See the 0x24000 Segment Overflow page for a full description of the vulnerability and exploit. Credit for that work goes to a mixture of the Chronic Dev and The iPhone Dev Team.