I think this is a great news for every iOS device user. We came to know untethered jailbreak for iOS 5.0.1 is completed.
According to Chronic Dev team member pod2G, he has finished the coding for the iOS 5.0.1 untethered hailbreak on iPhone 4, iPhone 3GS, iPod touch 3G, iPod touch 4G, iPad 1 and Apple TV.
pod2G demonstrated iOS 5 untethered jailbreak in a YouTube video.
Even if the iOS 5.0.1 untethered jailbreak is ready, it will not be released untill the iPhone 4S can be jailbroken!
At this moment you can jailbreak your iOS device on iOS 5 tethered and then you can use SemiTether to reboot your iOS device with no need to connect it to the computer.
Stay tuned, while the untethered iOS 5.0.1 jailbreak is released, you’ll find a tutorial on our site to jailbreak your iOS device.