Seems the rumors were partly wrong about no more iOS 4.x jailbreaks, as Muscle Nerd announces that Redsnow will still Jailbreak iOS 4.3.5
Earlier today (depending where you are) Apple released iOS 4.3.5, security update that patches a security certificate flaw. This latest update had Jailbreakers worried that this may be the final nail in the jailbreak coffin, but as luck would have it, it isn’t!
MuscleNerd over at the iPhone Dev Team decided to see if the latest version of Redsnow would still work on this minor update, and suprisingly enough it does, but not without a few kinks.
iPad 2 owners are still out of luck, and those needing a carry unlock should stay well clear, but everyone on an iPhone 3GS, iPhone 4, third- and fourth-generation iPod Touch, and original iPad can enjoy a fully jailbroken, but tethered jailbreak on their iDevices.
If you want to give this latest jailbreak a go head over to Redmond Pie where you can find all the files you need plus instructions to do it.