Jailbreaking your Apple iPhone 4, iPad or iPod Touch allows you to enjoy hundreds of themes, games, applications and hacks which are not supported by Apple, although jailbreaking can be done pretty easily using free wizard styled application JB tools if not done properly it can render your device inoperable requiring a restore via iTunes.

This is complete FAQ to Jailbreak iOS 5.x:

Question: Can I unlock a iPhone 4 iOS 5.0 baseband 04.11.08?
Answer: Today (14.12.11) - No.

Question: Have 3GS, baseband 5.13.04 and running on 4.0.1 with ultrasnow, can I upgrade to iOS 5.0.1 with sn0wbreeze safely?Thx
Answer: Ultrasn0w is currently not officially supporting iOS 5.0.1.

Q: My friend using 3gs running iOS 5.0.1 jailbroken untetherd. I’ve been shockd. As far as i know u r rleasing it yet. Is it?
A: Its old bootrom if its untethered. Nothing new.