@pod2g has made a Untethered Jailbreak solution available for non-A5 devices. That means iPad 2 and iPhone 4S are obviously left out on this one, but the chronic devteam and iPhone devteam have been working hard to package it into redsn0w 0.9.1.0 and PwnageTool for everyone else. If you are interested in giving it a shot, you can grab it through Cydia and follow the steps after the break.

Here are the basic steps for how to get it:

• The untether is for iOS 5.0.1 on iPhone3GS, iPhone4, iPhone4-CDMA, iPad1, iPod touch 3G, iPod touch 4G
• If you have one of those devices and are not on 5.0.1 yet, update now!  The SHSH window is still open for 5.0.1  If you unlock via ultrasn0w or gevey, make sure you only get to 5.0.1 via a custom IPSW!  See the guides at places like iClarified.com if you do not know how.  Once you are at 5.0.1, use the latest redsn0w 0.9.10 to both jailbreak and untether.
• If you are already at 5.0.1 with a tethered jailbreak, you have two choices: either run redsn0w 0.9.10 over your current jailbreak (deselect “Install Cydia” if you do that), or install the Cydia package prepared by the chronic devteam.  The patches are the same regardless of which you choose.
• Some of you are using a hybrid 5.0/5.0.1 configuration.  If so, do not attempt to install this untether over that setup!  You will most likely get into a reboot cycle.  Do a sync and fresh restore to 5.0.1 then install the jailbreak + untether.

Source [Dev Team Blog via 9to5mac]