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).
Unfortunately, Apple A5 chipset powered devices like iPhone 4S and iPad 2, are still in jailbreak limbo.
Because those devices cannot use geohot’s limera1n exploit to inject the untether, they require exploits above and beyond those used for this release. Keep following pod2g on twitter or his blog for any progress reports!
So, all you need to do is hit the source links below given to start jailbreaking your favorite iOS 5.0.1 untethered, and if you need any help you can visit to jailbreak blog and ask any kind of questions regarding jailbreak.
Source: Dev-Team Blog/redsn0w, Chronic Dev-Team/Corona, donate to @pod2g