Today, as we’re sure you’re aware of, the untethered jailbreak for iOS 5.0.1 was released. Tools like RedSn0w and packages like Corona were released to take advantage of pod2g’s untethered exploit.

If you’ve had an iPhone 4 since launch, then it’s entirely possible that you’ve preserved your baseband up until now for unlocking and resale value.

If your primary concern is preserving your baseband for an UltraSn0w unlock, then you’ll be happy to hear that PwnageTool is back, and it packs full iOS 5.0.1 compatibility in tow…

[tube]http://www.youtube.com/watch?v=vK4_jG1gSx4[/tube]

How to Untether Jailbreak and Preserve Your Baseband for Unlock

Step 1: Download and run PwnageTool 5.0.1

Step 2: Select your device (e.g. iPhone 4) and select next.

Step 3: PwnageTool will search for your iOS 5.0.1 firmware. If it doesn’t find the iOS 5.0.1 firmware you can use Expert mode to browse for the specific location of your firmware.

Step 4: Place your device into DFU mode, and PwnageTool will put your device into PwnedDFU mode for custom iTunes restore.

Step 5: Close PwnageTool, open iTunes, hold option and click restore and find your CUSTOM firmware that was placed on your desktop by PwnageTool. Be sure to select your custom firmware or else you will upgrade your baseband.

Step 6: Let iTunes restore your device, and it should be jailbroken with preserved baseband on iOS 5.0.1. Again, this is an untethered jailbreak.

Step 7: You can now download UltraSn0w from Cydia, and if your iPhone meets the baseband requirements, you can unlock your iPhone to use with other carriers. This will also work with the Gevey SIM if your baseband meets the requirements.

For more information on how to unlock your iPhone with UltraSn0w, see our most recent UltraSn0w tutorial.

Have you preserved your baseband up until this point? Let us know in the comments below.