It’s indeed a merry Christmas for Apple jailbreak fans as @pod2g finally released the untethered jailbreak for the iOS 5.0.1. The caveat? It won’t work on A5 devices meaning it’s still a no go for iPhone 4s and iPad 2 owners.
Actually, @pod2g gave the exploit to the iPhone devteam and Chronic devteam so you can use the latest redsn0w (0.9.10) or PwnageTool to jailbreak your device. Again, this is only applicable to the iPhone 3G/s, iPhone 4, iPad 1, and the iPod Touch3G/4G running on iOS 5.0.1. If you’re on iOS 4, upgrade to the 5.0.1 first before attempting this jailbreak.
This jailbreak uses geohot’s limera1n exploit which doesn’t work for A5-based devices but @pod2g is still working on it. Meanwhile, here’s your redsn0w links.