pod2g has updated his blog with a video by Chronic Dev Team member, DHowett, running an untethered iPhone 4S jailbreak on iOS 5.0.1. The video runs down everything you'd expect from rebooting the device to show an untethered state and launching Cydia and showing that the device ID is indeed an iPhone 4S. Considering the iPhone 4S and iPad 2 both run the Apple A5 chipset that wasn't vulnerable to previous
pod2g says this means we should only have a few more to wait now. Not sure if "a few more" implies days, months, light years, or some other measure of time. For now, we'll just have to sit back and be patient for what should be just a little while longer. Non-A5 iPhone and iPad owners can untethered jailbreak iOS 5.0.1 right now.