Note:
Cydia is said to be working on iOS 4.3 Beta.
It is a semi-tethered jailbreak.
Your baseband will not be upgraded during restore process.
Use a utility like tetheredboot to boot into tethered mode.
Instructions for making your own ramdisk are posted below:
Tools needed: OS X, xpwntool
Unpack the original ramdisk: xpwntool orig_restore_rd.dmg restore_rd.dec.dmg -iv .. -k .. (use the keys from wiki)
Mount the ramdisk: hdiutil attach restore_rd.dec.dmg
Free up some space: rm /Volumes/ramdisk/(some unneeded large-ish file)
Patch asr: mv /Volumes/ramdisk/usr/sbin/asr /tmp/; bspatch /tmp/asr /Volumes/ramdisk/usr/sbin/asr (bundle_path)/asr.patch
Change the restore options: edit /Volumes/ramdisk/usr/local/share/restore/options.plist with Property List Editor, add ‘UpdateBaseband’ = false – see http://theiphonewiki.com/wiki/index.php?title=Preventing_Baseband_Update for details
Unmount the ramdisk: hdiutil detach /Volumes/ramdisk
Re-encrypt the ramdisk: xpwntool restore_rd.dec.dmg pwned_restore_rd.dmg -t orig_restore_rd.dmg -iv .. -k ..
Replace the ramdisk inside of CFW produced by the Pwnage Tool with pwned_restore_rd.dmg You can either unzip and re-zip the CFW or replace it inside of /tmp/ipsw dir when PwnageTool is running.