The folks at AndroidAndMe.com recently wrote this great tutorial showing how to use FlashRec app to root your Android G1 or MyTouch in about 6 minutes. Here is the video:
Update: I have switched from JF 1.5.1 to the latest Cyanogen ROM (v.4.0.2). You should NOT use Apps2SD with this ROM because it already has built-in support for using your microSD card for app storage (you still need to set up a separate ext partition so it will work). More details are available here: http://forum.xda-developers.com/showthread.php?t=537204
(v4.0.2 – stable version, updated 8/22):
Download: http://n0rp.chemlab.org/android/upda…0.2-signed.zip
MD5Sum: 9c316180ca61d5cb8728ad3c4f43bc97