A few hours after updating their famous jailbreak tool RedSn0w to bring an untethered jailbreak for iOS 5.0.1 to the masses, the Dev Team has now released an updated version of PwnageTool.

PwnageTool is the perfect tool for unlockers, as it will allow you to create a custom IPSW, thus allowing you to update your firmware while still preserving the baseband for unlocking using either Gevey SIM or UltraSn0w

As usual, you can download PwnageTool from our Downloads section. Here’s our tutorial for jailbreaking iOS 5.0.1 with PwnageTool.