Couple of days back pod2G who has been a member of the Chronic Dev team had demoed an untethered jailbreak for iOS 5 on an iPod touch but had hinted that it should work on iPhone 4.
However, few minutes back he has confirmed that he has managed to successfully perform an untethered jailbreak even on an iPhone 4 running on iOS 5.0.1:
Got an untethered iPhone 4 running iOS 5.0.1. Feel free to update.
Of course, if you want to SIM unlock, don’t update using Apple’s original FW nor update OTA.
As pod2G has mentioned, please do not update your iOS 5.0.1 if you rely on a software method to unlock your iPhone.
pod2g hasn’t provided any ETA on when the tool to jailbreak iOS 5 or iOS 5.0.1 (untethered) will be released to the public. It remains to be seen if pod2G’s untethered jailbreak will support iPad 2 and iPhone 4S.
[via @pod2G, Thanks a lot L.G. for the tip!]