In a recent blog post, pod2g posted a video of an untethered Jailbroken iPhone 4. This is proof that the upcoming iOS 5.0 and iOS 5.0.1 Jailbreak will work on iPhone as well as iPod Touch. In the post he stated that the Jailbreak is "near ready for prime time" but this does not include the iPhone 4S and the iPad 2.
Here is a new video demo of the current status of the 5.0.1 jailbreak running on an iPhone 4.
This is meant to reassure people that were thinking it only works on older iPods.
The jailbreak is near ready for prime time (excluding 4S and iPad 2).
Patches are the same as redsn0w's. Expect the same level of stability.
Some more days to wait. Be patient, we're doing our best.
At the end you can see he has written "Some more days to wait", could this mean we are really close to the release of the untethered iOS 5 Jailbreak? Well if anything the Jailbreak for the older devices will be ready before the A5 iDevices.