Here is a new video demo of the current status of the 5.0.1 jailbreak running on an iPhone 4. This is meant to reassure people that were thinking it only works on older iPods. The jailbreak is near ready for prime time (excluding 4S and iPad 2).
Hopefully iPhone 4S and iPad 2 owners won't have too long to wait, however, as he previously said he'd overcome the cache issues on A5 devices -
Either way, looks like they're finally nearing the end zone in the land of untethered. Don't forget to support jailbreak devs and donate when you can if you find their tools useful.