***FOR ALL THOSE STILL ON TETHERED JB 5.0.1-
If you are currently operating an A4 device which has a tethered jailbreak using Redsn0w, Ac1dSn0w or Sn0wbreeze then you can simply launch Cydia from your Springboard and download a package named ‘Corona’ which will provide you with an untethered jailbreak."
THIS MEANS YOU DO NOT HAVE TO RE-JAILBREAK IF YOU ARE ON 5.0.1 TETHERED
(thanks redmond pie! http://www.redmondpie.com/jailbreak-5.0.1-untethered-on-iphone-ipad-ipod-touch-a4-devices-now-using-redsn0w-0.9.10b1-corona/ ) ***
**** UPDATE!!!! AN UNTETHERED JAILBREAK HAS BEEN RELEASED. I WILL TRY TO GET INFO UP SOON!! SO UNTIL THAT IS UP, PLEASE DISREGARD THIS INSTRUCTABLE! (12/28/11) ****
***UPDATE #2. IPAD 2 AND IPHONE 4S JAILBREAK RELEASED. MORE INFO HERE! http://www.engadget.com/2012/01/20/absinthe-a5-jailbreak-released-for-iphone-4s-hacker-dream-team/ (1/21/12) ***
This hack will NOT work with an iPhone 4S OR for an iPad 2. Currently the jailbreak teams are working on a release. Supported devices include the iPad 1, iPhone 3GS, iPhone 4, iPod touch 4, and iPod touch 3. Also: Note that if you are using ultrasn0w or are looking to unlock your SIM, I would NOT recommend a jailbreak, I am not sure what it will do to your device. If you want more information, I am afraid you are going to have to find it somewhere else :-(