All iOS devices except the iPhone 4S and iPad 2 have been set free of their tethered jailbreak thanks to the efforts of pod2g. After teasing the jailbreak earlier this month, prodigious iOS hacker pod2g gave the untether exploit to both the iPhone and Chronic Dev Teams who have now released it in redsn0w 0.9.10 and PwnageTool, and in a Cydia package.
All pre-A5 devices should be updated to iOS 5.0.1 with the usual caveats in place for anyone requiring a device unlock. For those of you using a tethered jailbreak currently, you can untether via Cydia by searching for "Corona." Pod2g warned in tweet not to update to iOS version 5.0.2 when it's released because it would "cut your jailbreak possibilities." Full details and cautionary tales can be found at the source link below.