Recently we have reported latest Redsn0w 0.9.9b9 which allows Jailbreak iOS 5.0.1 tethered and now we have got the clue from iPhone Dev Team that Ultrasn0w unlock is near even the foot note of their communication suggests that its expected to be released on coming Monday as Christmas Gift. However the news does not comes as big surprise as newer Basebands will still not be supported.
ultrasn0w compatibility update (i.e. same baseband requirements) for 5.0.1 will be available on Cydia Monday
Supported basebands for Ultrasn0w 1.2.5 will be,
Most of us are keeping close eye on updating this list to support latest basebands with Firmware higher than iOS 4.1 on iPhone 4 and even the iPhone 4S.