iOS 5.0.1 users rejoiced today as the long awaited untethered jailbreak was released by Dev-Team after @pod2g found the required untether.
This jailbreak only works on select devices which include the iPhone 4, iPad, iPhone 3GS, iPod Touch 3rd and 4th generation. iPad 2 and iPhone 4S owners are out of luck for now as the A5 processor has been a challenge for the jailbreak community.
If you want to unleash the full potential on your iPhone you can follow this link to the Dev-Team site and carefully follow the instructions.
We can not stress enough to fully backup your iPhone before starting any jailbreak procedure.