The Dev Team (Pod2G) - offers from a few minutes the untethered jailbreak iOS 5.0.1 for iPhone 3G, iPhone 4, iPad1, iPod touch iPod touch 3G and 4G. The practice is carried out using the software available for download redsn0w 0.9.10b. As you can see, the iPhone and the iPad 2 4S are currently not supported. The Dev Team says that another achievement is required since both are equipped with the A5 processor. 
The Dev Team recommends moving to iOS 5.0.1 if you are on iOS 5.0, the jailbreak is effective on both. Note, for those who are currently tethered, it is possible to switch to untethered without restoring. To do this, redsn0w, jailbreak again but uncheck "Install Cydia". There is also another option, install the tweak "Corona" created by the Chronic Dev Team. Whichever solution you choose, the result will be the same.
Redsn0w 0.9.10b is available for Mac and Windows: