After a week of waiting iOS5.0.1 untethered jailbreak is finally released! , compliments of pod2g, the Chronic Dev Team, and the Dev Team.There are TWO ways to get untethered jailbreak for iOS 5.0.1 .
For Users On iOS 5.0.1 Tethered Jailbreak:
If you are currently on tethered jailbreak using Redsn0w or Sn0wbreeze then you can simply launch your Cydia from your Springboard and download a package called ‘Corona’ that will provide you untethered jailbreak for iOS5.0.1 .
NOTE: The jailbreak released is supported on all A4 based (and below) devices like iPhone 4, 3GS, iPod touch 3G/4G and iPad 1. Newer A5-based devices like iPad 2 and iPhone 4S are currently not supported.