It would be possible to jailbreak iPhone 4S untethered on 5.0.1 iOS as early as next week. Pod2g has revealed via Twitter that he has made substantial improvements and that an iPhone 4S and iPad 2 untethered jailbreak on 5.0.1 iOS will possibly be released sometime next week.
It's evident from pod2g's tweet that he has made substantial improvements in the whole iPhone 4S untethered jailbreak scene. Previously he had run in to some problems with iPhone 4S jailbreak however now it looks like those problems have been solved. We know how many people can't wait to jailbreak iPhone 4S untethered on 5.0.1 iOS, and the release of this jailbreak is definitely being anxiously awaited.
That's not all. This jailbreak will also be compatible with the iPad 2, considering the fact that both of these devices are powered by the same A5 dual-core processor. The reason why there hasn't been a jailbreak for iPad 2 after iOS 4.3.3 and none yet for iPhone 4S, is because the A5 processor is not susceptible to the Limera1n bootrom exploit. Meaning that it can not be jailbroken using a bootrom level exploit, the likes of which is used to jailbreak older iOS devices at any given firmware. We sincerely advise you to not upgrade to any new firmware, possibly iOS 5.0.2 if it comes out before this jailbreak. It's likely that in that event, you will not be able to jailbreak iPhone 4S untethered on 5.0.1 iOS. To be on the safe side though, its imperative that you save iOS 5.0.1 SHSH blobs now.
Its possible that the exploit which will allow us to jailbreak iPhone 4S untethered on 5.0.1 iOS is going to be based on pod2g's latest iOS 5.0.1 jailbreak. In that case, since its a userland exploit, conventional jailbreak tools such as redsn0w, pwnagetool and sn0wbreeze will not be used to jailbreak iPhone 4S untethered on 5.0.1 iOS because these tools employ the use of bootrom level exploits. A JailbreakMe like web-based solution will be provided. Frankly, that's the best solution out there.
We'll keep you updated on this amazing development. We know how impatient you are to jailbreak iPhone 4S untethered on 5.0.1 iOS! We'll let you know as soon as pod2g gives any more updates.