Pod2G with Chronic Dev Team Dev Team has launched iOS 5.0.1 untethered jailbreak solution for new and existing jailbreakers. If you are running on a fresh iOS 5.0.1 on your iDevice without a jailbreak, you can follow our guide to Jailbreak iOS 5.0.1 with Redsn0w 0.9.10 beta 1 : Untethered
If you are running on iOS 5.0.1 with tethered jailbreak then you can simply install Corona, a patch through Cydia to convert your tethered jailbreak to untethered jailbreak. This package can be installed only by those who have already performed iOS 5.0.1 tethered jailbreak. Do not try this method for iOS 5.0 tethered jailbreak.
To install Corona simply launch Cydia, Search for Corona. Install the Corona, Reboot your iDevice and that’s it.