Update 3: [Don’t go near this if you have 3GS, newer ipt2G, or any ipt3G] For those with older (non-MC) iPod touch 2G, we’ve compiled a special version of redsn0w meant just for you: Mac and Windows. You guys can get in on the “3.1.2” loophole too using this special version. Don’t try this if you have a newer iPod Touch 2G or if you’re not completely sure what version you have. And of course don’t try it for 3GS or ipt3G either.
That about does it for the 3.1.2 redsn0w loophole. It can only be used by: those who don’t need the 3G/3GS unlock, and only owners of iPhone 2G, iPhone 3G (not unlockers!), iPod 1G, and iPod 2G older version. Everyone else please wait for official support in the tools.