@pod2g has just tweeted that he has made a step in the Jailbreak for iPhone 4S and iPad 2 which he should hopefully release as soon as next week. This Untethered Jailbreak will be for iOS 5.0.1, so if you are on iOS 5.0, it is time to update before Apple decides to release iOS 5.1. Don't be surprised if iOS 5.1 patches the Jailbreak and then you are stuck forever or until a newer Jailbreak is released which might not even happen until iOS 6 or a later firmware. @pod2g tweeted the following:
So it is safe to update to iOS 5.0.1 through iTunes, but make sure you aren't accidentally updating to iOS 5.1 which should be out soon! Full video and tutorial on how to untether your iPhone 4S & iPad 2 when it is released, until then, remember to subscribe!
iOS 5.0.1 Firmware downloads:
iPhone, iPod, iPad and Firmware/Software Download