Dev-Team and Chronic Dev Team have released an untethered jailbreak for non-A5 devices running iOS 5.0.1. This is the first untethered iOS 5.0.1 jailbreak, which allows the jailbreak to remain active without connecting to a computer during a reboot.  The iPad 2 and iPhone 4S jailbreak is not available yet.

If you’re interested in trying it, check out our instructions here.