Yes, you read it right. In a blog post Pod2g has pushed a new iOS 5.0.1 untethered jailbreak video demo on iPhone 4. iOS 5.0.1 untethered jailbreak looks very stable, pod2g expected that his long-awaited untethered jailbreak will has the same level of stability that exists in Redsn0w.
From Pod2g blog:
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.
According to Pod2g, iPhone 4S and iPad 2 are not have the same stability on iPhone 4, 3G, iPod touch 4G, 3G and iPad 1 and they need more tests, but he achieved good progress on them as well. But as you read in the above quotation that pod2g is few days away from finishing 5.0.1 untethered jailbreak.
We will let you know once 5.0.1 untethered jailbreak release, just follow us on Twitter, Facebook or Google+.
Update : Jailbreak 5.0.1 untethered has been released, get it now - Click Here