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Thanks to iPhone dev team, untethered jailbreak for iOS 5.0.1 is out now. You can jailbreak your iPhone 3gs, iPhone4, iPhone4-CDMA, iPad1, iPod Touch 3g and iPod Touch 4 running iOS 5.0.1 using RedSn0w. So if you were waiting for iOS 5 jailbreak before updating your device, now is the time to upgrade and enjoy all those cool new features like iMessage, Wi-Fi sync, iCloud etc that iOS5 offers. Jailbreaking processes is simple, enter your device into DFU mode run RedSn0w and follow the instructions.

From iPhone-Dev Blog

• The untether is for iOS 5.0.1 on iPhone3GS, iPhone4, iPhone4-CDMA, iPad1, iPod touch 3G, iPod touch 4G
• If you have one of those devices and are not on 5.0.1 yet, update now!  The SHSH window is still open for 5.0.1  If you unlock via ultrasn0w or gevey, make sure you only get to 5.0.1 via a custom IPSW!  See the guides at places like iClarified.com if you don’t know how.  Once you’re at 5.0.1, use the latest redsn0w 0.9.10 to both jailbreak and untether.
• If you’re already at 5.0.1 with a tethered jailbreak, you have two choices: either run redsn0w 0.9.10 over your current jailbreak (deselect “Install Cydia” if you do that), or install the Cydia package prepared by the chronic devteam.  The patches are the same regardless of which you choose.
• Some of you are using a hybrid 5.0/5.0.1 configuration.  If so, do not attempt to install this untether over that setup!  You will most likely get into a reboot cycle.  Do a sync and fresh restore to 5.0.1 then install the jailbreak + untether.

Enjoy!

[Download RedSn0W]

[via iPhone-dev blog]