How to Fix the Bluetooth Issues
If you did jailbreak iOS 4.2.1 with redsn0w 0.9.7 beta 4 or its earlier beta versions many users faced bluetooth problems, this version is going to fix bluetooth problems. In order to fix the bluetooth issues all you have to do is first download Redsn0w 0.9.7 b5 for Mac and re-run the Redsn0w 0.9.7 b5 on your device.
Redsn0w 0.9.7 beta for iPhone iOS 4.2.1 Features
Redsn0w 0.9.7 beta includes an anti piracy plea for all those who are downloading pirated copies of iOS 4.2 beta 3 required for untethered jailbreak on iOS 4.2.1.
Download Redsn0w 0.9.7 Beta 5: redsn0w_mac_0.9.7b5.zip
Please note: Redsn0w 0.9.7 is still under beta testing and its only available for Mac users and supports iOS 4.2 beta 3 SHSH Blobs saved on Cydia servers. This Version supports only Mac users, Windows version of Redsn0w 0.9.7 is available soon.