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.