The dev-team has a gift for you.. :
"@pod2g has created a terrific gift for iOS fans — an untethered 5.0.1 jailbreak for non-A5 devices!
Many of you have already been following @pod2g’s blog where he’s been keeping everyone up to date on his progress. And so you know that he recently decided to push the button on a release for all devices except the new iPhone4S and iPad2. @pod2g’s untether involves two separate exploits and a few other “tricks” — and since he’s taken the @comex approach of doing nearly everything himself, you know his plate has been full these past few months!
A few days ago, @pod2g gave the untether to both the iPhone devteam and the chronic devteam. We’ve put it into redsn0w 0.9.10 and PwnageTool, and the chronic devteam put it into a Cydia package (the same set of exploits is in all three).
Here are the basic steps for how to get it:
The untether is for iOS 5.0.1 on iPhone3GS, iPhone4, iPhone4-CDMA, iPad1, iPod touch 3G, iPod touch 4G
If you have one of those devices and are not on 5.0.1 yet, update now! The SHSH window is still open for 5.0.1 If you unlock via ultrasn0w or gevey, make sure you only get to 5.0.1 via a custom IPSW! See the guides at places like iClarified.com if you don’t know how. Once you’re at 5.0.1, use the latest redsn0w 0.9.10 to both jailbreak and untether.
If you’re already at 5.0.1 with a tethered jailbreak, you have two choices: either run redsn0w 0.9.10 over your current jailbreak (deselect “Install Cydia” if you do that), or install the Cydia package prepared by the chronic devteam. The patches are the same regardless of which you choose."
Go to http://blog.iphone-dev.org/post/14857834236/untethered-holidays to read the complete article