After weeks of anticipation, the iOS 5.0.1 untethered jailbreak is finally here, compliments of pod2g, the Chronic Dev Team, and the Dev Team. As we explained a little earlier today, you currently have two ways to untether.
Depending on your situation, you can either run the latest version of RedSn0w, or if you're already jailbroken, you can use the Cydia package called Corona Untether 5.0.1 to do the job. The latter is what we'll focus on in this post...