The iOS jailbreak developers have finally got a break through and have released an untethered jailbreak for non-A5 iOS devices running iOS 5.0.1.
@pod2g – the developer who found the Jailbreak exploit – gave the exploit to both the iPhone Dev team and the Chronic Dev Team a few days ago. Both the Dev. team have updated their respective apps – PwnageTool, redsn0w and the Cydia package. The untethered iOS 5.0.1 Jailbreak is meant only for non-A5 devices from Apple which includes the iPhone 3GS, iPhone 4, iPad 1, and the iPod Touch 3G/4G. Interested readers can find the required download link, and the necessary instructions over at this link.
The developer is also working hard on trying to port this exploit to the current generation A5 devices from Apple.
I would also encourage our readers to support the developer by donating a small amount to him via Paypal. The whole exploit was single handedly found and developed by @pod2g, and he has been working hard on it for quite a few months now. The donate link can be found at the above mentioned download link.