You can finally jailbreak 5.0.1 untethered! Pod2g's long awaited 5.0.1 untethered jailbreak has now been released. Using redsn0w 0.9.10b1 or the Corona package, you can now jailbreak 5.0.1 untethered on iPhone 4, iPhone 3GS, iPod touch 3G, iPod touch 4G and the original iPad. Full guide documented below.
Be advised that you can only jailbreak 5.0.1 untethered on all A4 based devices. All A4 based devices have been listed below. A5 based devices such as iPhone 4S and iPad 2 are currently not supported, however pod2g is currently testing it out and soon you would be able to jailbreak 5.0.1 untethered on iPhone 4S and iPad 2 as well.
How To Jailbreak 5.0.1 Untethered Using Redsn0w 0.9.10b1 Or Corona:
Basically there are two methods which you can use to jailbreak 5.0.1 untethered on iPhone 4, 3GS, iPod touch and iPad 1. If you're running stock iOS 5.0.1 firmware, stock meaning that it hasn't been jailbroken yet, you will need to jailbreak 5.0.1 untethered using redsn0w 0.9.10b1. If you're already jailbroken tethered on 5.0.1, simply search for Corona in Cydia, download that package and your device will automatically be jailbroken untethered on iOS 5.0.1 firmware.
How To Jailbreak 5.0.1 Untethered Using Redsn0w 0.9.10b1:
If your device is running stock 5.0.1 firmware, then you need to use redsn0w 0.9.10b1. Follow instructions below to jailbreak 5.0.1 untethered using redsn0w 0.9.10b1.
Step 1: Download redsn0w 0.9.10b1 for Windows and Mac
Step 2: Unzip the file and run redsn0w
Step 3: Connect your device to the computer via USB
Step 4: Now click on Jailbreak and check Install Cydia
Step 5: Click next. Follow instructions displayed by redsn0w to put your device in DFU mode
Step 6: Sit back and relax. Redsn0w will automatically jailbreak 5.0.1 untethered on your A4 based device.
Once the jailbreak has been applied, your device will automatically be rebooted. When it's back on again, enjoy as your device now has an untethered jailbreak on iOS 5.0.1.
We've already mentioned instructions on how to jailbreak 5.0.1 untethered using Corona. Simply launch Cydia, search and install the Corona package. The untethered jailbreak will automatically be applied.
The overall process in both methods is very easy, however if you run in to any issue, just leave a comment down below and we'll help you out.
Update: Here's how to unlock iPhone 4, iPhone 3GS after 5.0.1 untethered jailbreak using ultrasn0w 1.2.5.