I have an iphone 4 running on ios 4.1 baseband 02.10.04. Does anybody know when I

You're right, it can already be unlocked by limera1n and probably today by shatter, but the unlock will be released until ios 4.2 is officially released which is in about a month, so we still got a few weeks of waiting

Sorry i meant it can already be jailbroken not unlocked

Samer said:

can unlock it?
I don't think whatever is going to be released tom will unlock my iphone 4, just jailbreak it. Atleast that's what i understand, i'm a noob to the whole unlocking/jailbreaking situation.

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Jail breaking

Generally, Apple (iPhone) won't allow you to install third-party applications. If you jailbreak your iPhone, you can install third-party applications. This is the major advantage of jailbreaking.
Unlocking process:

The process of removing SIM lock from your phone is known as "Unlocking" ." Sim lock "indicates that the current Network provider restricts our phone to use with other countries.

If you want to unlcok your iPhone 4, use Remote unlocking method . It doesn't requires jailbreaking . You can get it from any of the online vendors like Superunlockcodes.com to unlock it .