Another piece of bad news guys. Apparently there won`t be any untethered iOS 5.0.1 in the near future. Developer pod2g tweeted warning people against updating their iPhone, iPad, or iPod Touch to the new iOS 5.0.1 when it becomes public if they plan on jailbreaking their device.
Recently, a bug was discovered that would allow for an untethered jailbreak to be developed later on, but it is confirmed that Apple will be fixing that bug in the next software release which would push developers back to square one which means more waiting time for an untethered jailbreak for iOS 5.0 or iOS 5.0.1 on iPhone, iPad and iPod Touch.
Now if you want to jailbreak, it will have to be tethered which means you`ll have to connect your iPhone to the PC every time you reboot.
As you must have heard, iOS 5.0.1 is now seeded to certain end users to test the battery drainage bug fix and overall performance.