Now that we have various Youtube videos on JailBreakME and guide to jailbreak iPhone iOS4 using JailbreakME tool – it looks like the excited iPhone 4 owners are raiding the website and hence you may not be able to jailbreak at the moment.
As you access JailbreakME.com from your Apple iPad or the iPhone Safar browser – it crashes immediately. The Safari browser will update Jailbreak while you are stuck on the Jailbreakme website.
Lurking through forums, I figured out that several reload attempts will help you access jailbreakme (sometimes you have to reload it for more than 5 times).
However, another solution is to visit the mirror site of JailbreakME 2.0 uploaded by the folks at Modmyi. Simply visit http://jailbreakme.modmyi.com/ from your safari browser and follow the JailbreakME guide.