For all those who have been waiting for jailbreak to come up for 4.0.2, it’s not coming. The only reason why iOS 4.0.2 was built at first place was to patch up the PDF exploit to fix jailbreak and other potential security issues. With 4.1 in beta stage it makes no sense for the dev team to release a jailbreak for 4.0.2.
The dev team gave this update on their official blog
No, there won’t be. FW 4.0.2/3.2.2 was *only* released to fix the jailbreakme hole. With FW 4.1 still in its beta stages, it makes no sense to escalate the “cat & mouse” with Apple for FW updates that only fix the jailbreak holes. To quote WOPR, “the only winning move is not to play”.
If you want a jailbroken phone, your best bet is to downgrade to iOS 4.0.1/4.0 or wait till September for the release of iOS 4.1, soon after which devteam will hopefully release the jailbreak