According to iPhone Dev Team, you can still jailbreak iOS 4.0.2 on iPhone 3G and iPod Touch 2G(non-MC models) with Redsn0w 0.9.5b5-5. As Apple has fixed the PDF exploit in iOS 4.0.2 and iOS 3.2.2 so you cannot jailbreak your device by JailbreakMe once its upgraded to the latest firmware releases. To jailbreak your iPhone 3G or iPod Touch 2G(non-MC models) with Redsn0w, follow the step-by-step guide below.
MuscleNerd's tweet:

iPhone Dev Team official announcement (via iphwn.org):
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).
How to Jailbreak iOS 4.0.2 on iPhone 3G & iPod Touch 2G with Redsn0w
*Find download links at the end of post
- *Download iTunes 9.2.
- *Download Redsn0w 0.9.5b5-5
- *Download both iOS 4.0 and iOS 4.0.2
- Restore iOS 4.0.2 IPSW using iTunes 9.2 to your iDevice.
- Once iOS 4.0.2 is successfully restored on your iDevice, run Redsn0w.exe and click on the "Browse" button. Select iOS 4.0 (NOT iOS 4.0.2) file you downloaded in step 3 and click Next.
- Now Redsn0w will verify your IPSW file. Once done, it will show with the jailbreak options. Select Cydia!
- Check Enable Multitasking and Wallpaper. Please note that this step is optional, if you don't want to use these options, simply uncheck them.
- If your device is ON, plug it into your computer and turn it OFF by pressing the "Power" button at the top.
- Connect your iPhone in DFU mode. To do that just hold "Power" and the "Home" button for exactly 10 seconds and then release "Power" button but keep holding "Home" until Redsn0w finds your iPhone or iPod Touch in DFU mode and begins installation.
- Now leave the rest for Redsn0w, your device will reboot automatically once the process is completed. You should have a fully jailbreaked iPhone on iOS 4.0.2.





Please note the the above jailbreak of iOS 4.0.2 will not hactivate your iPhone 3G. You will need an official AT&T SIM to bypass the emergency lock screen (activate) so that you can access Cydia to install Ultrasn0w. If you don't have an official AT&T SIM, you can follow this tutorial here to bypass this check by using any phonebook SIM.
Update 1: Unlock iPhone 3G on iOS 4.0.2 with Ultrasn0w 1.1-1
Update 2: Downgrade iOS 4.0.2 to iOS 4.0, 4.0.1 & iPhone OS 3.1.3, 3.1.2
Update 3: Sn0wbreeze 2.0 Jailbreaks iPhone 3GS (Old Bootrom) on iOS 4.0.2
Update 4: Jailbreak iPhone 3GS (Old Bootrom) on iOS 4.0.2 with PwnageTool
Download Links:
Download iTunes 9.2.1 for Windows and Mac
Download iOS 4 for iPhone 4/3GS/3G & iPod Touch 2G/3G
Download iOS 4.0.2 for iPhone 4/3GS/3G & iPod Touch 2G/3G
Download Redsn0w 0.9.5b5-5 for Windows | Mirror
Download Redsn0w 0.9.5b5-5 for Mac | Mirror



