Disclaimer: BlogoTech is not responsible for any damage that might be caused to your device during this process though the possibility of any damage is negligible. Try this at your own risk. Also note, rooting your phone will void your warranty.
You can root the device using Gingerbreak (download link at the end of this post).
Root using Gingerbreak
Download Gingerbreak to your memory card from here.
Enable USB Debugging by navigating to Settings->Applications->Development->Enable USB Debugging
Make sure your memory card is loaded.
Run Gingerbreak and click on Root phone.
The phone will reboot after success and Superuser will be installed.
The above procedure works only when you have NOT UPDATED your phone’s firmware using LG Update tool.
If you have done so, the above method will not work and you need to spend a little more time.
Root After Firmware Update
Please try Superoneclick from shortfuse.org before you proceed with this method as it is very risky. Superoneclick is a one-click rooting program which can easily root any Android phone. Just connect your phone to PC in USB Debugging mode and click on “Root” in Superoneclick. If your phone still does not root, you can proceed with the method below at your own risk. I rooted my phone with the method below 🙂
Folks at Facebook also informed me that this method also seems to root your device easily. Let me know if it works for you too 🙂