Pod2G uploaded a video a few minutes ago showing off the untethered jailbreak running on an iPhone 4S. This is great news as the jailbreak is hopefully coming in the next few days. You can see in the video that the device is fully functional and that it boots normally.
My friend @DHowett made a video of an untethered 4S iPhone 4,1 running iOS 5.0.1 some days ago.
Only a few to wait now.
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If you have a device other than the 4S or iPad 2 then you can jailbreak now using this.