For those of you who can't wait for pod2g's untethered jailbreak, The iPhone Dev Team has released a version of its Redsn0w tethered jailbreak for iOS version 5.0.1, meaning anyone who's updated to Apple's latest mobile OS and is feeling constrained can now reclaim their device's freedom. As things stand, the jailbreak is still limited to older devices, with the Apple A5-powered iPad 2 and iPhone 4S still locked down. However, members of the jailbreaking community are hopeful that since pod2g's exploit runs at the user- rather than boot-level, it will be able to work on newer devices, too — a task which began this weekend as the developer finally bought an iPhone 4S. The Redsn0w jailbreak's available to download now, but it's still got the beta tag attached to it, so we'd recommend that you read the list of fixes and caveats carefully before you take the plunge.
iOS 5.0.1 Redsn0w tethered jailbreak released for all but iPhone 4S and iPad 2 owners
The iPhone Dev Team has released a beta version of its Redsn0w tethered jailbreaking application, which is now compatible with iOS 5.0.1 on older devices. The iPhone 4S and iPad 2 are still yet to be cracked.