iPhone Dev team confirms in their official blog that they are not releasing the jailbreak for iOS 4.0.2 for iPhone, iPod Touch or iOS 3.2.2 for iPad.Instead, the focus will now be on finding a new exploit which could be used on the next major firmware update i.e. iOS 4.1.
In the Blog they mention the reason why they are not releasing the jailbreak for iOS 4.0.2:
No, there won’t be. FW 4.0.2/3.2.2 was *only* released to fix the jailbreakme hole. With FW 4.1 still in its beta stages, it makes no sense to escalate the “cat & mouse” with Apple for FW updates that only fix the jailbreak holes. To quote WOPR, “the only winning move is not to play”.
If the cat & mouse game escalates too quickly, especially during beta FW periods, nobody but Apple benefits. For this reason, there won’t be a 4.0.2/3.2.2 jailbreak specifically during the period where 4.0.2/3.2.2 is the latest public release. At best, some future 4.1x FW jailbreak *may* be compatible with 4.0.2/3.2.2 (but don’t count on that).
Apple is expected to release iOS 4.1, which is currently in beta at the special event on September 1st so it makes sense to hold off releasing the jailbreak.