Apple recently released iOS 4.0.2 firmware and you can easily jailbreak your iPhone on iOS 4.0.2 firmware using Redsn0w 0.9.5b5 as comfirmed by musclenerd of iPhone Dev Team in a tweet. It is important to note that you can only run the Jailbreak on iPhone 3G and iPod Touch 2G MB (non-MC Models) using redsn0w 0.9.5 beta 5. iPhone Dev Team added -

If you’ve updated to 4.0.2 on iPhone3G or iPod2G(non-MC),
You can use this redsn0w from June to jailbreak 4.0.2 on iPhone3G and iPod2G(non-MC version). Just point it at the 4.0 IPSW (the public one, not the developer GM one).
(Yes – point it at the 4.0 IPSW even though you’re at 4.0.2).
This will also hacktivate your iPhone3G at 4.0.2 if you haven’t already been activated by iTunes. Install ultrasn0w if you need a carrier unlock (and in the USA, remember to turn off 3G mode in Settings -> General -> Network).
Follow the simple guide below to jailbreak iPhone 3G and iPod Touch 2G running iOS 4.0.2 on Mac. Steps are almost identical to jailbreak iOS 4.1 Beta 1 firmware.
Pre-requisites:
- An iPhone 3G or iPod Touch 2G running iOS 4.0.2 firmware
- iTunes 9.2 installed on your Mac
- Save iOS 4.0 on your desktop
- Redsn0w for Mac
Steps to Jailbreak iOS 4.0.2 with Redsn0w 0.9.5
Step 1: Connect the iPod Touch or iPhone to your Mac using the USB cable.
Step 2: Run Redsn0w and click Browse. Select the Firmware 4.0 from the desktop of your computer and then click Next to continue.
Step 3: It will start an automatic process to patch the kernel.
Step 4: You will now have a new screen where you can select packages to install. Select Cydia and if we wanted to, also check to enable multitasking. You can also change the background to the springboard.
Step 5: You will be prompted to put the iPod Touch in DFU mode. To do so: Press the Home and Power together for exactly 10 seconds then release the power button while continuing to press home only until a screen will appear all white. Another automated process will start to quickly run the jailbreak.
Step 6: When your iPhone3G comes back up, you’ll notice Cydia has a blank white icon. You’ll also notice Cydia has no sources.
Step 7: Go to the Sources panel and add this repo: http://apt.saurik.com/cydia-3.7. Make sure that you have a carrier or wifi signal.
Step 8: After Cydia restarts, its real logo now appears, and the standard sources should be ready to use.
Voila! You have successfully jailbroken iOS 4.0.2 firmware on iPhone 3G and iPod Touch 2G.
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