This is the simplest, and easiest way to Jailbreak your iPhone 4. No computer required, just download from your device via Safari! Click here.
Note: There are currently some issues involving MMS and Facetime being disabled, and those are being worked on. Feel free to discuss problems and/or solutions in the comments below. Don’t forget Apple’s policy is strict against jailbreaking and your warranty will be voided if they can tell that it’s been jailbroken. Usually a full reset of your iPhone will remove all jailbreaking elements.