jailbreak for For Users On Stock iOS 5.0.1:

If your device is running stock iOS 5.0.1 then you can use download the latest Redsn0w 0.9.10b1 to for either Windows or Mac to give yourself an untethered jailbreak, instructions for which can be found below.

Step 1: Download the latest version of Redsn0w from the links given above.

Step 2: Start Redsn0w, select "Jailbreak" then check "Install Cydia". Follow the onscreen steps to place your device into DFU mode.

Step 3: Wait for Redsn0w to apply the full untethered jailbreak!

Once done, your iPhone, iPad or iPod touch will be rebooted into fully untethered jailbreak mode!

Untethered Jailbreak for iOS 5.0.1 !

…and, in hopes of making your holidays just a bit happier, this morning we are pleased to announce the release of an untethered jailbreak for iOS version 5.0.1, for all supported A4 (& lower) devices! This jailbreak is brought to you courtesy of pod2g’s ninja-like magic + userland exploits, which he first publicly described in this blog post and then turned over to both the Chronic Dev & iPhone Dev teams for further testing + integration into our existing jailbreak tools.

You can quickly access, download & install Corona 5.0.1 Untether (Chronic Dev team’s version, packaged in the Cydia store) for your iPhone 4, iPhone 4 (CDMA), iPhone 3GS, iPad 1, iPod Touch 4G & iPod Touch 3G *CURRENTLY RUNNING iOS 5.0.1* by following the steps below:

• Open the Cydia app on your tethered jailbroken device**
• Search for “Corona”
• Hit the “Install” button (as shown in the screen grab below)
• 
• This package will allow your 5.0.1 device to install pod2g’s untethered exploits and reboot without requiring an external tool like redsn0w or sn0wbreeze, and without having to restore your device (so you get to keep all your apps, contacts, etc).
  **Note: if you do not currently have access to the Cydia store on your 5.0.1 device, you can use the redsn0w 0.9.10 tool developed by the iPhone Dev team. It is exactly the same set of files as our Cydia package, but bundled with redsn0w for new jailbreak users and/or those who are not already running a tethered jailbreak.
  If you have one of the A4 devices listed above and are not using iOS 5.0.1 yet, you can update your iOS version now (though you should not update to 5.0.2 when it is released, or you will lose your jailbreak) or you can wait a few days max for our Corona 5.0 Untether package, which will be available in the Cydia store upon release.
  Apologies to those of you iPad 2 & iPhone 4S users who are waiting for an A5 jailbreak; we all (pod2g + everyone here at Chronic Dev) are still working feverishly ‘round the clock to get an untethered jailbreak into your hands as well, just as soon as we possibly can.