I've searched the forums and can't find anything about this, I'm really sorry if it's a repost.
So I needed to unlock a 3GS 4.2.1 on the 05.15.04 BB. I used redsnow and everything goes fine, I get to the main screen and Cydia is a blank white icon. No problem, I just run redsnow again and click "just boot tethered now". Reboot the phone, start Cydia, and it says the certificate isn't validated. I go to my dear friend google and find out that the problem is my date and time is all messed up. I fix that problem, go back to Cydia, install ultrasnow and sbsettings, as well as the complete upgrade, and we're good to go. I have to reboot for ultrasnow, so I do. Now the phone is stuck on the apple logo, left it for 30 minutes and it's still there. I have rebooted tethered with redsnow, and I've even re-JB'ed it, nothing has changed. If I boot tethered with redsnow it's fine. If I reboot just from the phone, it stays in the apple logo. Wtf? Any suggestions?
Ultrasn0w doesn't work with the baseband you have.
Check for SHSHs with TinyUmbrella. If none are available for 4.2.1-4.3.3, use iFaith to grab them for 4.2.1. Use iFaith to create a signed fw to restore to. If you have SHSHs in TU for 4.2.1 or 4.3.3, let me know.
You're basically wanting to restore. Jailbreak. Upgrade the baseband to 6.15.00. And then install Ultrasn0w.
Your tethered jb or boot loop, whatever it is in, sounds like a fluke.