Extract the downloaded archive.

Step Three

Double click the absinthe-win-2.0.exe file from the folder that was just extracted.

This will create a new folder called absinthe-win-2.0.

Open the newly created folder and launch absinthe.exe.

Step Three

As prompted, connect your iPhone to the computer via USB. Make sure to remove any passcodes or VPN settings you've previously set.

Step Four

Click the Jailbreak button to begin

Step Five

The application will take you through several steps to jailbreak including: beginning jailbreak, sending initial jailbreak data, sending final jailbreak data, waiting for reboot, and waiting for process to complete.

Step Six

You will be informed that the jailbreak is 'Done'.

Step Seven

In a few moments you will notice Cydia appear on your Springboard!

via iclarified