iPhone hacker pod2g released a video showing off his new iOS 5.0.1 untethered jailbreak working on an iPhone 4. The new untethered jailbreak should be "ready for prime time" in a few days according to his blog. The exploit does not work for the iPhone 4S or iPad 2, but it will work with other iOS devices. Pod2g previously uploaded a video to YouTube showing the exploit working with an iPod touch, and it has been tested on an iPhone 3GS and iPad.
The video shows the jailbreak working after the iPhone 4 has been switched off and on proving that it's untethered. It uses the same code patches as redsn0w, so it should feature the same level of stability. Earlier this week pod2g posted two updates on his A5 jailbreaking progress.
Pod2g received help from "iOS guru" Saurik, and he recently solved a previous A5 processor cache issue that was plaguing him. While an untethered jailbreak for the iPhone 4 seems right around the corner, there is no foreseeable timeframe for the iPhone 4S or iPad 2, but pod2g is working on it.
You can follow his progress via his jailbreaking blog, and we will let you know when something big happens!