The new updated version, YourTube 2.0 brings full iOS 4.x support for jailbroken devices (iPhone 4, iPad and iPod Touch).
This cool app not only allows you to download youtube videos in the above mentioned devices but also import the downloaded videos in iPod app! This cool feature is named as “Gremlin” and will  be available later for Cydia apps such as Safari Download Manager and Attachment Saver.

YourTube 2.0 for iOS 4 or 4.x Available

YourTube 2.0 is available in Cydia for iPhone and iPod touch and the updated YourTube HD is available in Cydia for iPad. If you bought YourTube 1.0 after July 1st, then you will get a free upgrade to YourTube 2.0. If you purchased it before July 1st, you can still get an upgrade to 2.0 for just $1.

The YourTube app will be available only if you jailbreak iPhone, iPad or iPod Touch and obtain Cydia.