The waiting is over. Finally iPhone Dev team and Chronic Dev team have released the untethered jailbreak for iPhone 4, iPhone 3GS, iPod touch 3G, iPod touch 4G and iPad 1. You can now completely jailbreak any A4 device running iOS 5.0.1 without the need to boot tethered.

There are some important things that you need to know before proceed the untethered jailbreak:

• This jailbreak is only for i-device running iOS 5.0.1. Other than that it won’t work. So if your i-device hasn’t running iOS 5.0.1, update now.
• If you rely on factory unlock, you should use the Custom IPSW option found in RedSn0w, under Extras before moving forward with the jailbreak.
• If you’re already at 5.0.1 with a tethered jailbreak, you should download the Cydia package called Corona 5.0.1 Untether to untethered the jailbreak.

WARNING: Do this at your own risk. I am not responsible for any problems that may occur as a result of following this guide.

• Make sure you have the latest iTunes
• Download iOS 5.0.1 for your i-device :
  iPhone 4 (GSM)
  iPhone 4 (CDMA)
  iPhone 3GS
  iPad 1
  iPod Touch 4G
  iPod Touch 3G
• Back up your i-device then restore it using the iOS 5.0.1 IPSW file downloaded
• Download Redsn0w 0.9.10b1 for Mac or for Windows
• Connect i-device to computer then switch it OFF
• Run Redsn0w 0.9.10b1, select “Extras” then “Select IPSW” and browse for the iOS 5.0 IPSW file

• Now click on “Jailbreak” then “Install Cydia” and follow the instructions on the screen to enter DFU mode.

• If you enter DFU successfully, Redsn0w will start the jailbreaking process.

For those who already had a tethered jailbreak for iOS 5.0.1 may use Corona Untether 5.0.1 to untether.

• Launch Cydia and search for Corona Untether 5.0.1.
• Click “Install” then let Cydia do the rest

Next check out How To Download Application After Jailbreak