We have been keeping you up to date about iOS 5.0/5.0.1 Untethered jailbreak progress coming from famous hacker and member of Chronic Dev Team pod2g. After showing so many demo video on untethered jailbreak for iPhone 4 and iPod Touch, finally most awaited news of the year has just arrived. Both iPhone-Dev Team and Chronic Dev Team has released iOS 5.0/5.0.1 Untethered jailbreak for all A4 devices.
From Pod2g Blog
Hello, as expected, the Chronic Dev Team and the iPhone Dev Team have released the A4 untethered for 5.0.1 based on my work.
It is exactly the same set of files, either distributed as a Cydia package for those that are already tethered or a redsn0w bundle for new users.
They both did a great job testing and integrating the payload.
If you have already upgraded your device to iOS 5.0/5.0.1 then download the latest version of Redsn0w 0.9.10b1 to Untethered Jailbreak iOS 5.0/5.0.1 on iPhone 4, iPhone 3GS, iPod Touch 4G, iPod Touch 3G, iPad1 along with installation from here.
You can also jailbreak iPhone, iPad or iPod touch on iOS 4.3.5 using RedSnow, iOS 4.3.3 using Redsn0w, JailbreakMe or to Jailbreak while preserving your baseband (software unlock) see TinyUmbrella, SnowBreeze & PwnageTool.