Yup by now must have known that jailbreak for all iOS 4 devices is released courtesy Comex . If you need to jailbreak your iPhone 4 just visit http://www.jailbreakme.com/ from your iPhone and follow the steps.
Although you might see from the updates in the post from Engadget that its better to wait for the time being.
The jailbreak doesn’t seem to be stable, there are reports the jailbreak is affecting FaceTime and MMS functionalities. Although the fix for that is already out too. My advice just wait for day or two and than go ahead with the jailbreak.
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