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Now a group known as the iPhone Dev Team, creators of the yellowsn0w iPhone 3G jailbreak, claims to have successfully jailbroken the iPod Touch 2G - a claim that's likely true given the source.
Alas, the team adds Right now the jailbreak process is far too manual to be useful to most people, and therefore the iPhone Dev Team has yet to post it publicly. The team has also refused to post an ETA for the release of the jailbreak, making this a case of "watch this space".
In the meantime, you might want to bookmark our 30+ Apps For Jailbroken iPhones and iPod Touches, which will provide endless fun on your soon-to-be-jailbroken iPod 2G.