Pod2g has successfully implemented an untethered jailbreak of iOS 5, as this video demonstrates.
In earlier November, pod2g announced that he had found a bug that would be able to untether iOS 5.
Hey jailbreaking friends, I’ve found a bug that can untether iOS 5. Don’t expect a release soon, but I’m gonna work hard in it.
It appears that his work has paid off; however, the untethered jailbreak isn’t compatible with the iPhone 4S or iPad 2 just yet.
Tons of questions from my nice followers. Too early to answer. Will work on iOS 5.0.1, will try iPad 2 and 4S after others are ready.
But… I don’t own a 4S nor I an iPad 2.