This is real. At UNEvolved were looking at a variaty of sources and heres what we got:
The infamous Dev-Team dropped a big hint in the form of an image a few days ago that the hacker group was developing an iPod touch 2G jailbreaking app. Now, not only did the groupconfirm that the iPod touch 2G was the target device for redsn0w, but have gotten a bit closer to the goal. It seems that the process has been done but is still too manual for geeks like us. They plan on packaging and releasing a convenient GUI version shortly; no official ETA has been announced however.
crunchgear.com

From what we can see, the Dev-Team Has done it again! There is nothing apple can make that they can't crack. The programs used to hack the iPod 1G are either Yellow Sn0w, Quick Pwn, and a few others, but a new hacking tool is being introduced to the family of hacks. Its called Red Sn0w and will be out and ready to hack the pod in a "few days".
As you see in the screenshot to the left (taken by the Dev-Team themselves) is proof that they are almost there.
Here is the first screenshot of a jailbroken iPod Touch 2G. Right now the jailbreak process is far too manual to be useful to most people. But this is a first step (well, second step if you include the initial exploit).
When we announced yellowsn0w, we made the mistake of giving an ETA for its release…and that really clobbered the last day of 2008 for us. So we won’t be issuing a formal ETA for the ipt2G jailbreak. But we are putting a lot of energy into it.
Dev-Team
All of your apps and games you have downloaded from the app-store Will still work and you will be able to continue downloading as you please. You can also download 3rd party cracked apps for your enjoyment such as emulators and customization tools.
Videos Here From Dev-Team
Remember to check this blog for updates