LG Ally android phone has been rooted successfully. Guys over at androidforums managed to get the root access on LG Ally and have posted easy steps to follow.
Rooting LG Ally Android phone provides full access to its system files allowing you to modify the phone firmware and install third party apps, themes and custom ROMs. You can then tether your LG Ally android phone.
Steps on Rooting LG Ally Android Phone
Step 1: Mount SD Card in Phone!
A $ prompt from the android will open now:
1) /data/local/asroot2 /system/bin/sh
(at this point your $ prompt should be a # meaning you are root, if not, type exit and then begin over, when you open the new ./adb shell you will be # root)
When you get # shell, UNMOUNT the sdcard!!!!! This will make the correct link available. Then continue on.
2) mount -o remount,rw -t yaffs2 /dev/block/mtdblock4 /system
3) cat /sdcard/Superuser.apk > /system/app/Superuser.apk
4) cat /sdcard/su > /system/bin/su
5) chmod 06755 /system/bin/su
After rooting LG Ally you can enable wireless tethering on with Barnacle WiFi Tethering App. Tethering allows you to share internet connection of you mobile phone with your computer or devices like Apple iPad.