Nothing like the holidays for the season of giving and the Chronic Dev Team, pod2g and others have delivered an iOS 5.0.1 untethered jailbreak. It supports all A4 chip and lower devices. Corona 5.0.1 Untether (Chronic Dev team’s version) is available now for download in Cydia. It is for iPhone 4, iPhone 4 CDMA, iPhone 3GS, iPad 1, iPod touch 4G, iPod touch 3G currently running iOS 5.0.1.
The Dev Team notes that if you do not currently have the Cydia Store on your device, you can use the redsn0w 0.9.10, which is for new jailbreak users and/or those who are not currently running a tethered jailbreak.
Need help? There is an active forum discussion on the iOS 5.0.1 untethered jailbreak.