Hey all, it's finally here! Thanks to the superhero of jailbreak community, pod2g, iOS 5.0.1 untethered jailbreak is finally out! Why waste time? Let's get down to business. First, this will work on iOS 5.0.1 ONLY, not 5.0 and certainly DO NOT UPDATE to whatever comes after 5.0.1. If you're NOT on iOS 5.0.1, you have to use iTunes to restore to 5.0.1. NOTE: If you are on iOS 5.0.1, simply go into Cydia and install "Corona 5.0.1 Untether" which is located in the Cydia/Telesphoreo repo, or rerun the new version of Redsn0w over the tethered jailbreak but this time leave "Install Cydia" UNCHECKED.
Okay, let iTunes restore/update your iDevice to 5.0.1. I had a few problems trying to restore back to 5.0 (since I had my phone replaced a few days ago it came with 5.0). I will make this clear: always use iFaith to build signed IPSW files with your shsh blobs. This will save you tons of frustration.
After updating to iOS 5.0.1, get your iFaith running and create a signed iOS 5.0.1 IPSW for future reference (this is BEFORE jailbreaking).
Alright, so you have your iDevice on factory iOS 5.0.1, now what? Follow the rest over here. Exact same steps as tethered jailbreak, but the new version of RedSn0w 0.9.10 beta 1 (thanks iDownloadBlog!) will untether your iDevice! Neat huh? :)
That's all from me, I'm currently in the middle of restoring and updating as well. Check back soon for more tweaks. Follow me on Google+ and Twitter, also feel free to donate a few cents towards new tweaks but definietly support and donate to pod2g for all of his hard work put into this untethered jailbreak. We all waited patiently (some impatiently), he deserves the compensation for something he did on his own free time when he didn't even had to. He did this for us, we should do something for him as well. Thanks pod2g, you're a jailbreak community superhero in my book!