How to: Jailbreak iPhone, iPod Touch on iOS 4 with Redsn0w

The iPhone Dev Team has surprised as with a new version of Redsn0w 0.9.5 but this time it Enables Multitasking. This new version can jailbreak your iPhone 3G, and iPod Touch working on iOS 4 and also it can enable Multitasking and wallpapers, To do so follow the step by step guide after the jump..
What you need:
iOS 4 installed on your Device (iPhone 3G/ iPod Touch 2G) from Here.
iTunes 9.2 beta from Here.
Redsn0w 0.9.5 from Here.



Steps:
Step 1: Connect your Device to Mac via USB
Step 2: Extract Redsn0w then Load it, click on Browse and Select firmware 4.0 GM from your desktop then click next..
Step 3: Now, after some installation, Redsn0w will show you a screen like this. You have to Select "Cydia" and Select "Enable Multitasking and wallpapers" (Optional)

Step 4: On the next screen you will be asked to put your Device in DFU Mode, follow the instructions on the screen or the instructions posted here.
Step 5: Now an automated process will begin to Jailbreak your Device, just sit back and let Redsn0w do it.
Step 6: After the your Device reboot, go to Cydia --> Manage --> Sources --> Edit --> Add and add this source to your source list: http://apt.saurik.com/cydia-3.7
Step 7: Now you got your device jailbroken and the funny thing it got multitasking and wallpapers.

Update 1: Redsn0w 0.9.5 Jailbreak for iPhone is avaliable for Windows, More Details Here.
Update 2: Redsn0w 0.9.5 Beta 5 Adds Battery percentage and Verbose boot and More, Details Here.
Update 3: Redsn0w 0.9.5 Beta 5 has update to hacktivate iOS 4.0 for iPhone3G (in addition to jailbreaking the iPhone 3G and iPod Touch 2G).You can Download Redsn0w for Windows and Mac. Follow the guide above to Jailbreak iPhone 3G and iPod Touch 2G then Unlock using Ultrasn0w 0.93 posted here.