Thanks to the hard work of pod2g the untethered iOS 5.0.1 jailbreak is finally here. He shared his exploits with the iPhone Dev-Team and Chronic Dev Team, and now there's a suite of tools for anyone running iOS 5.0.1 on a non-A5 device. This is great news for jailbreakers, however it also means that iPhone 4S and iPad 2 owners are still waiting for an untethered jailbreak.
First off, the redsn0w jailbreak tool has been updated to 0.9.10b1 on OS X and Windows. This new version of redsn0w requires iOS 5.0.1 installed on your device, and will jailbreak the iPhone 3GS, iPhone 4 (GSM), iPhone 4 (CDMA), original iPad, iPod touch 3G and iPod touch 4G untethered.
Dev-Team recommends anyone with the devices above should update to iOS 5.0.1 right away as Apple is still signing this firmware version. As usual, the normal caveats with those who have unlocked their iOS device apply. To preserve the ability to unlock, these users must update to iOS 5.0.1 using a custom IPSW file before using redsn0w to jailbreak.
One final warning from the Dev-Team for those using a hybrid iOS 5.0/5.0.1 jailbreak configuration. Installing the untether described above could throw your device into a reboot cycle. Dev-Team suggests a fresh restore to 5.0.1 and using redsn0w to install the jailbreak afterwards. Thanks to all of the developers who have contributed now iPhone 4 users and others can finally enjoy all that jailbreaking has to offer. As work continues on the A5 untethered jailbreak stay tuned for updates!