I'm a certified mohel (by the Conservative Movement).  When we studied the
Halacha about the Brit Milah, there are talmudic discussions about not
circumcising babies if they are "green" (I presume this might me seriously
jaundiced).  However, these infants were likely ill will congenital liver
disease or sepsis and not the normally jaundiced infants usually seen.  In
our modern world, it is quite possible to tell which infants might have
serious disease (and are therefore too ill to circumcize) and which ones are
just normally jaundiced infants.  Normally jaundiced, healthy infants should
have no contraindications to circumcision.
Linda L. Shaw MD, FAAP
Pediatrician and Mohelet