After receiving feedback from jailbreakers on Reddit, the iPhone Dev Team has released an updated version of RedSn0w (version 0.9.9b7) which allows for a quicker jailbreak. By giving the option of no longer “stashing” applications by default during the RedSn0w run, the Dev Team has managed to reduce the time it takes to perform the jailbreak from 210 second to 80 seconds.
Although the time might be reduced at the time of the initial jailbreak, much of that time will be made up for the first time you launch Cydia, as Cydia will then want to stash the applications. The main feature provided here seems to be the option of whether you want RedSn0w to stash the applications or whether you want Cydia to, in the Preferences pane.
On a quick side note, the Windows version of RedSn0w 9.9.9b7 still does not support custom IPSWs.
You can read the official update notes posted by the Dev Team below:
Update #15: After some feedback on reddit, we’ve decided to make the initial jailbreak as quick as possible by no longer “stashing” the applications by default during the redsn0w run. This reduces the time to actually perform the jailbreak from 210 seconds to 80 seconds (60 percent!). However, you make up for much of that the first time you launch Cydia, which will then want to stash the applications. You can choose whether you want redsn0w or Cydia to stash in the Preferences pane.
For those of you who are eagerly waiting for an untethered jailbreak to be released, you will have to continue to be patient.
Source: iPhone Dev Team