Earlier today MuscleNerd tweeted that iPhone 4S 5.0 untethered jailbreak release is also possible alongside the iOS 5.0.1 untethered jailbreak. While this possibility exists only for the iPhone 4S and not iPad 2, he cautions prospective iPhone 4S unlockers to not upgrade to iOS 5.0.1 in order to avoid potential baseband related issues.
The jailbreak community anxiously awaits release of iOS 5.0.1 untethered jailbreak for iPhone 4S and iPad 2. Only yesterday French iOS hacking guru Pod2g posted a picture of an iPad 2 jailbroken on iOS 5.0.1. He has previously also posted a video of an iPhone 4S jailbroken untethered on iOS 5.0.1. Aiding Pod2g in his quest for a jailbreak iPhone 4S 5.0 untethered release are hacking gurus MuscleNerd, Planetbeing and P0sixninja.
MuscleNerd tweeted earlier today about the possibility of iPhone 4S 5.0 untethered jailbreak release. What this basically means is that it is likely for an iOS 5.0 iPhone 4S untethered jailbreak release alongside iOS 5.0.1. He also mentions that hopefully the same scenario could be applied to iPad 2 as well, for which only the iOS 5.0.1 untethered jailbreak has been confirmed for now.
@MuscleNerd: @CaN0fSoDa 5.0 will be supported for at least the 4S, hopefully iPad2 (it matters more on 4S, due to potential BB-related issues)
The reason for an iPhone 4S iOS 5.0 untethered jailbreak is actually quite simple. Most people use iPhones tied with two-year contracts. For example if you're with AT&T in USA, your iPhone 4S won't be functional on any other network because its locked to AT&T. That's where the power of unlocking an iPhone comes in. Since iPhone 4S initially came out with iOS 5.0, the older basebands will be easier to create an unlock for, as opposed to newer basebands that came in iOS 5.0.1 for iPhone 4S.
By this explanation, it is quite evident that iPhone 4S owners should stick to iOS 5.0 firmware instead of iOS 5.0.1 in order to be safe against any basebands related issues. iPad 2 owners should upgrade to iOS 5.0.1. So even if your iPhone 4S is running iOS 5.0.1 right now, you can still downgrade back to iOS 5.0 using iTunes because Apple is currently signing both firmwares. Just download the iOS 5.0 IPSW for iPhone 4S and restore it using iTunes.
We'll update you as soon as updates regarding iPhone 4S 5.0 untethered jailbreak release come in. It's only a matter of days now.