@pod2g, a well known figure in the jailbreak scene has released a new video today which shows off iOS 5.0 untethered jailbreak. He hasn't given out further details, however its highly likely that this jailbreak will be compatible with iPhone 4S and iPad 2.
@pod2g hasn't given out any finer details about this iOS 5.0 jailbreak. However it is known for sure that this will not be compatible with iOS 5.0.1 firmware. When it was released, we had warned our readers not to update to iOS 5.0.1 as no untethered jailbreak for it was expected. Furthermore, he hasn't even revealed exactly what type of jailbreak is it. If this iOS 5.0 untethered jailbreak is based on a userland exploit, then there's a high possibility that its going to work on iPhone 4S and iPad 2. If not, at least it will allow an iOS 5.0 untethered jailbreak on all non-A5 based devices.
Many jailbreakers prefer having an untethered jailbreak rather than a tethered one. When your device is running a tethered jailbreak, you will have to connect it to the computer and boot tethered whenever it requires a reboot. An untethered jailbreak is devoid of all such hindrances and is evidently the most preferred jailbreak type. Sadly, since iOS 4.3.3 untethered jailbreak, none was released for future firmwares. As of now, a lot of people have their hopes pinned high for an iOS 5.0 untethered jailbreak.
As far as iPhone 4S and iPad 2 jailbreak is concerned, both of them can't be jailbroken even tethered on iOS 5.0. This is because the A5 bootrom is not susceptible to the Limera1n bootrom exploit and up till now the developers have not been able to dump A5 bootrom. As we previously mentioned, if @pod2g's jailbreak is based on a userland exploit, then we just might see an iOS 5.0 iPhone 4S and iPad 2 jailbreak release very soon.
We're still waiting on the finer details from @pod2g and as soon as they come in, the post will be updated accordingly. In the meantime you can learn how to jailbreak iOS 5.0 tethered on your iPhone, iPad or iPod touch. If you follow this guide, you can get an iOS 5.0 untethered jailbreak of sorts by installing a certain package from Cydia.