By now you've probably read our earlier report that there is finally an untethered jailbreak for iOS 5.0.1. This is thanks to the amazing work of iOS hacker pod2g, but also thanks to GeoHot, who found some of these exploits a while back.
As we mentioned in our previous post, there are two ways to untether iOS 5.0.1. If you're already jailbroken, you may want to use Corona Untether 5.0.1. If, however, you're still running a stock iOS 5.0.1 version, then this RedSn0w tutorial is for you...