Well what a fantastic Christmas gift this is! The Redsnow team have finally managed to produce an untethered Jailbreak for iOS 5.0.1 and you can download it right now!
RedSn0w 0.9.10b1 Released for iOS 5.0.1 Untethered Jailbreak
Download RedSn0w 0.9.10b1 Released for iOS 5.0.1 Untethered Jailbreak
You can use RedSn0w 0.9.10b1 on either your Mac or Windows PC to get yourself an untethered jailbreak, the download links are below, then just follow the Jailbreak instructions we posted here and off you go!
What is an Untethered Jailbreak?
Before today those with Jailbroken iOS devices with a tethered Jailbreak would need to re-Jailbreak their device if it was ever turned off, lost power, or even after a reboot from installing a Cydia package.
This was extremely inconvenient especially if you were away from a PC and needed your phone! As it could have meant your iDevice booting but not getting past the Apple logo, rendering your device useless until you were able to Jailbreak it again!
Thankfully those times are now behind us thanks to the RedSn0w 0.9.10b1 Released for iOS 5.0.1 Untethered Jailbreak!