Oh happy day. The jailbreak community finally delivered on their promise, and today they released the untethered jailbreak for iOS 5.0.1 . The iPhone DevTeam dropped redsn0w, and Chronic DevTeam dropped Corona. The iPhone DevTeam has also updated PwnageTool for iOS 5.0.1 and it’s available now by clicking here.
Using PwnageTool, you can customize and create a custom IPSW that will preserve your iPhone’s baseband. The process didn’t change at all, but if you don’t know how to use the tool, check out one of our previous tutorials here.