Geohot, author of the original iPhone exploit and, most recently, the purplera1n exploit, has just posted on his blog hinting at an exploit that will jailbreak the entire family of iDevices, presumably including the iPod touch 3G. In the comments on his post, he added:
no affiliation to greenpois0n. and it’s in some ways the complete opposite of purplera1n. but still 10 seconds. and may work for every version of software *ever*, based on the prettiness of the exploit
We’re holding our breaths for a breakthrough.