A couple of days ago, we told you that the iPhone DevTeam will update ultrasn0w with support for iOS 5.0.1 and they will release it on Cydia, Monday. Apparently, everything was sorted out and working as planed, so the new ultrasn0w is available to download now.
NOTE: This new update just brings support for iOS 5.0.1 and it won’t unlock any new basebands. Basebands it will work on: iPhone 4 ( 01.59.00 ) and iPhone 3G/3GS (04.26.08 , 05.11.07, 05.12.01,05.13.04 and 06.15.00 ).
If you don’t want to wait for pod2g’s untethered jailbreak, and want to try the unlock now, you can use redsn0w to create a custom ipsw and restore your device with it. A custom ipsw will update your device to the latest firmware but it won’t update your baseband.