Jailbreakers Rejoice! iOS 5.0.1 Jailbreak is Here!
"Thanks to a longstanding hardware exploit, it only ever takes a few tweaks here and there to get the latest iOS releases tether jailbroken on most devices."
You won't be able to do much if you have an iPad 2 or the iPhone 4S since they aren't included with this version, found here. You can also find out more by going to RedmondPie.
iPhone 4, 1.6 GHz Core 2 Duo MacBook Air, Apple TV, 2.66GHz Intel C2D Mac Mini, 1TB TC, Airport Extreme,several iPods and an iPad, 32GB Wi-Fi version. Follow me