It's been a big day for the jailbreak community with a possible iPhone 4S unlock and the new crash reporting tool released by the Chronic Dev Team. Now the PwnDev Team has released a new jailbreak utility for iOS 5 and 5.0.1.
I’m pleased to announce that we’ve just released Beta 1 of Ac1dSn0w for Mac OS X Lion (should also work on Snow Leopard). Ac1dSn0w allows you to jailbreak your iDevice tethered. It also provides features like Tethered Boot, Pwned DFU, and Exit Recovery to get your device out of Recovery Loop.