These are instructions on how to jailbreak your iPhone 4 on the 4.3.1 firmware using RedSn0w for Windows.
Make sure not to update to iOS 4.3.1 if you need an unlock as one is not yet
available!
Step One
Create a folder on your desktop
called Pwnage
Download RedSn0w from here and place it in the Pwnage folder. Likewise,
download the latest 4.3.1 firmware from below and place it in the same folder.
4.3.1 (4 GSM): iPhone3,1_4.3.1_8G4_Restore.ipsw
Extract the RedSn0w
zip file into the same folder.
Step Two
Connect your iPhone to the
computer and launch iTunes. 
Select your iPhone from the list of devices on the left.
Now hold down Shift and click the Restore button. Restore is
preferred as it won't create any wasted space on your iPhone.
Navigate to the Pwnage folder on your desktop and select
the 4.3.1 firmware ipsw. Click the Choose button to continue. 
Step Three
Once iTunes has finished
updating your iPhone to the desired firmware open the Pwnage folder on your
desktop and launch the redsn0w application from the redsn0w folder we
extracted earlier.
Step Four
Once RedSn0w opens click the
Browse button
Step Five
Select the 4.3.1 firmware ipsw we
placed in the Pwnage folder on our desktop then click Open. 
Step Six
Once the firmware has been
verified click the Next button to continue.
Step Seven
RedSn0w will now prepare the jailbreak
data
Step Eight
From this window you can select the
jailbreak options you would like.
Make sure Cydia is selected and
click the Next button to continue.
Step Nine
Please plug your iPhone into the
computer and make sure its OFF then click the Next button
Step Ten
RedSn0w will now guide you through the
steps to get into DFU mode. You can find more help with DFU mode here
Hold down both the Home button and the Power
button for 10 seconds.
Release the Power button and continue holding the
Home button until RedSn0w detects the device.
Step Eleven
Your iPhone will now reboot
Step Twelve
RedSn0w will then begin uploading the
new RAM Disk and Kernel.
Step Thirteen
Once this is complete you will be
notified that RedSn0w is done. Click the Finish button. When your iPhone
finishes rebooting (5 minutes or so) it will be jailbroken with Cydia on the
SpringBoard.
*As usual a big thanks to the iPhone Dev-Team and I0n1c for
their hard work and contribution to the iPhone community.
**Windows 7 users
may want to try running the redsn0w executable mode as an administrator in
Windows Vista compatibility mode if you experience any trouble.
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