Hello everyone. Back with a great news for all of you jailbreakers. iOS security researcher and jailbreak developer @pod2g has released much awaited iOS 5.0.1 untethered jailbreak. He was working hard for long time on exploits he found and after enough testing by both iPhone-dev team and Chronic Dev Team, the untethered jailbreak for iOS 5.0.1 has been finally released. This jailbreak will support only those devices running on A4 processor and not A5 processor. In short, this jailbreak will not work with iPhone 4S and iPad 2.
Both the dev team has released the jailbreak developed by pod2g in their own different ways. While the iPhone-dev Team has released a new version of redsn0w to jailbreak your device, Chronic Dev Team has released this jailbreak as a Cydia Package for those who are already on iOS 5.0.1 having tethered jailbreak.