Untethered Jailbreak 5.0, 5.0.1 coming soon. Christmas JB gift coming soon from hackers.
Pod2g has started a new blog to chronicle his work on the iOS 5 untethered jailbreak he demonstrated earlier today.

Here’s first post from Pod2G:

Today I succeed in jailbreaking my iPod 3G. The exploit is user-land, rely on a user ROP payload and a kernel write anywhere exploit.

I can’t give much details right now, but here are the next steps :
- upgrade the iPod 3G to iOS 5.0.1
- do the same on iPhone 4 / iOS 5.0.1
- then iPad 1 & iPod 4G

At every step, the exploit code needs certainly to be reworked, but I really don’t know right now. Next, I’ll return to the research for iPad 2 and iPhone 4S. I don’t know if I gonna release first for other devices or not. I’ve to think about it. Feel free to give your opinion.
We’ll keep you up to date with news on pod2g’s progress.

UPDATE:
Pod2G: Got an untethered iPhone 4 running iOS 5.0.1. Feel free to update.!!!!!! It’s late, time to pass out.
I just want to let you know my iPhone 4 (iOS 5.0.1) is untethered.
Some progress today heh Of course, if you want to SIM unlock, don’t update using Apple’s original FW nor update OTA.

IH8SN0W: I’d recommend to all users to dump their SHSH blobs/apticket (before and after updating if they are going to do so) with iFaith.

UPDATE: