The Redsn0w 0.9.7 b5 has been released by the Dev Team. This is also in a testing stage and is currently available only for the Mac OS X users. Redsn0w 0.9.7 b5 fixes the sand-box related problems and also the bluetooth issue. The Windows version of redsn0w 0.9.7 b5 has also been crafted up, but it is pretty much slow. So Dev Team haven’t released it yet. They will be releasing the Windows version of Redsn0w 0.9.7 b5 after they fix the issue.
This is what they said in the official description :
The fifth beta is now available (testers ONLY please!). Bluetooth is now working (and any sandbox-related issues should be resolved too). Please do not pirate the 4.2b3 IPSW! Only those enrolled in the iPhone Developer program have legitimate access to that IPSW using these links (the links won’t work unless you’re a legit developer currently logged in).
There is actually a Windows version of beta5, but it’s excruciatingly slow compared to the Mac version because it’s forced to use files on your hard drive instead of RAM while it’s processing the very large IPSW images. It really is very very painfully slow, so we probably won’t be releasing it for testing purposes unless it can be sped up somehow.
Download Redsn0w 0.9.7 b5 for Mac OS X from here