http://blackra1n.com/This jailbreak has been released for 3.1.2. First jail break for this firmware. Honestly takes less than two seconds. Download Blackra1n then just click "Make it rain" it'll go into restore mode use a flaw in the apple way of installing applications and put an application on there called "Blackra1n"
1st. Make sure you're iPhone/iPod touch is
RESTORED and updated to the latest firmware.
2nd. Download Blackra1n. (The link I provided is a direct link to the .exe)
3rd. Start blackra1n.exe
4th. Click "make it ra1n".
5th. Wait for a reboot.
6th. Click on the blackra1n app and install whatever you want from there.
Side notes: Cydia has not been updated to 3.1.2 yet. The jailbreak came out faster then Saurik could update Cydia.
Have fun!
I'm not 100% sure this is the right section; But it's the only section I could find about iPods.