A tethered jailbreak has been available all along using both Sn0wbreeze and Redsn0w but now it seems as if the full untethered jailbreak for iOS 5.0.1 has finally arrived. You may not know this but Pod2g's progress only applies to devices running on the older A4 chip so this is available for the iPad, iPhone 4, iPhone 3GS and iPod Touch. Many users did infact stick with iOS 4.3.3 or previous to enjoy their untethered freedom that was given to them by Comex or the Chronic Dev Team, but now those users can download the latest iOS firmware complete with the Notification Centre and more.
Sn0wbreeze which is a very popular Windows only jailbreak utility for creating custom iOS firmware with preserved basebands, has now been updated to jailbreak untethered which is great news and you can find plenty of great tutorials on how to jailbreak iOS 5.0.1 untethered using Sn0wbreeze. For Mac users it is worth noting that the PwnageTool has also been updated which means these users can also enjoy an untethered iOS 5.0.1 jailbreak.
If you are looking to unlock your iDevice many of the newer basebands are simply too tough to crack at the moment so it is worth noting that both Sn0wbreeze and PwnageTool can help with baseband preservation which will allow you to use Ultrasn0w to unlock your device.
If you are running an A5 device such as the iPhone 4S or iPad 2 you will have to wait a little longer to see a jailbreak as these devices are proving quite difficult for the modders and dev teams to infiltrate. A lot of progress has been made on the A5 front so hopefully it won't be too long before there is an untethered jailbreak available for the iPhone 4S and the iPad 2 running iOS 5.0.1.
