The hardworking iPhone Dev Team and Chronic Dev Team are treating iOS consumers with an untethered jailbreak. The untethered jailbreak for iOS 5.0.1 is now available for iPhone3GS, iPhone4, iPhone4-CDMA, iPad1, iPod touch 3G and iPod touch 4G. This jailbreak is meant for non-A5 powered devices, which means iPhone 4S and iPad 2 are locked out of the jailbreak goodness.
Anyways, users have to download redsn0w 0.9.10b1 to jailbreak their devices and if you’re using ultrasn0w or Gevey SIM, you might have to use a custom IPSW to preserve the baseband.
[Via iPhone Dev Team]
Great, effective information. My new iphone is now completely jailbroken and i have a functioning Cydia symbol on the home screen. Keep up the great work!