Just moments ago, iphone_dev on Twitter announced the release of the untethered jailbreak for iOS 5.0.1. This is the moment you’ve all been waiting for folks, the real untethered jailbreak is here. This only works for A4 devices, so we are still waiting on a jailbreak for the iPhone 4S and iPad 2, but if you have one of the devices listed in the title, you can now jailbreak your device untethered on iOS 5.0.1.
Pod2g says on his blog:
Hello, as expected, the Chronic Dev Team and the iPhone Dev Team have released the A4 untethered for 5.0.1 based on my work.
It is exactly the same set of files, either distributed as a Cydia package for those that are already tethered or a redsn0w bundle for new users.
The jailbreak is available via Redsn0w, which can be downloaded here. Stay tuned for a tutorial, and subscribe below to be notified of any developments.