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.
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.