Jailbreak developers are beginning to update their tweaks and apps with iOS 5 compatibility. We told you about BiteSMS getting updated for iOS 5 yesterday, and now another staple jailbreak app has been updated for Apple’s highly anticipated mobile software.

Popular tethering app MyWi has been updated by Intelliborn to version 5.0. With iOS 5 compatibility, this new version of MyWi also features some improvements and bug fixes…

“MyWi™ 5.0 has been rebuilt from scratch to bring iPhone WiFi tethering support to iOS 4 & 5! Will work with all jailbroken iPhones (including 2G/3G/3GS/4) and iPad on 3.1.2 or later.

  • iOS 5.0 Support!
  • Faster performance
  • Lower battery consumption

MyWi allows you to create WiFi hotspots via your iPhone or iPad’s 3G connection. The app has been known to get users in trouble on AT&T, so be careful when using this app to unofficially tether to other devices.

MyWi 5.0 is available in Cydia for $19.99. Users on version 4.x can upgrade for free, while 3.x users will need to pay $9.99.