This is not a new unlock for higher basbands (Read more below). Ultrasn0w will be updated to work with iOS 5 to unlock the already unlockable basebands.
Supported basebands:
01.59.00 / 04.26.08 / 05.11.07 / 05.12.01 / 05.13.04 / 06.15.00
Unsupported basebands:
02.10.04 / 03.10.01 / 04.10.01 / 05.14.02 / 05.15.04 / 05.16.02
So the dev-team will release iOS 5 unlock with ultrasn0w soon according to MuscleNerd, stay tuned.
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The Unlock iPhone 4, 3GS on iOS 4 with ultrasn0w is coming soon, just wait for the update. MuscleNerd of iPhone Dev-team (only 2 hours ago) has announced on his Twitter account that any user who is running iOS 4.x.x or lower where ultrasn0w is work will be able to unlock his iPhone 4 or iPhone 3GS on iOS 5 after the Dev-team makes some updates on ultrasn0w.