As you are most probably aware that untethered jailbreak for iOS 5.0.1 has been released and as we said we will post a guide very soon. So here is the guide for untethered jailbreak using the latest Redsnow 0.9.10b1.
Before we begin we should remind you that this untethered jailbreak is for only A4 devices those are the iPhone 3GS, iPhone 4, iPad 1, and iPod touch 3G/4G.
Untethered Jailbreak Redsnow for iOS 5.0.1
Download Redsnow Windows
Download Redsnow Mac
Download iOS 5.0.1
This is an untethered jailbreak so no need to boot tethered
This untether jailbreak supports only A4 devices
Those users who rely on carrier unlock should get iOS 5.0.1 via a custom IPSW
Guide Untethered jailbreak
STEP 1: Download Redsnow for your for Mac or Windows from the above link.
STEP 2: Start Redsnow 0.9.10b1 and select “Jailbreak”
STEP 4: Now enter DFU by following the on screen instructions.
STEP 5: Now wait for Redsnow 0.9.10b1 to work its magic and you will have the untethered jailbreak on iOS 5.0.1.
That is it folks, you will have an untethered jailbreak for your iOS device.