The iPhone Dev Team have been working on the untethered jailbreak for iOS 5.0.1, and it has now been released for all non A5 based iOS devices, which means that the only two devices not supported are the iPhone 4S and the iPad 2.
The jailbreak will work with the iPhone 3GS, the iPhone 4, the iPhone 4 (CDMA), the original iPad, the iPod Touch 3G and the iPod Touch 4G.
A few days ago, @pod2g gave the untether to both the iPhone devteam and the chronic devteam. We’ve put it into redsn0w 0.9.10 and PwnageTool, and the chronic devteam put it into a Cydia package (the same set of exploits is in all three).
You can find out full details about the iOS 5.0.1 untethered jailbreak over at the iPhone Dev Team Blog.