The iPhone Dev Team has announced that with in three days about 1 million A5 devices, iPhone 4S and iPad 2 are jailbroken. According to official Dev Team blog:
The iPhone Dev Team has released RedSn0w 0.9.10b4 that includes fixes for the errors occurred after jailbreaking through Redsn0w 0.9.10b3.
The iPhone Dev Team pushed Redsn0w 0.9.10b3 update that includes fixes for the issues found in 0.9.10b1 and 0.9.10b2 during untethered iOS 5.0.1 jailbreak.
The iPhone Dev team has updated PwnageTool 5.0.1 for untethered iOS 5.0.1 jailbreak. PwnageTool allows users to create a custom IPSW and also preserves baseband that makes unlocking possible with UltraSn0w or Gevey SIM.
Redsn0w 0.9.10b1 untethered Jailbreak for iOS 5.0.1 is out there and available for Windows and Mac users. The latest Redsn0w 0.9.10b1 is compatible with iPhone 3GS, iPhone 4, original iPad, iPod touch 3G, and iPod touch 4G.
Unlock tool Ultrasn0w by iPhone Dev Team is updated to Ultrasn0w 1.2.5 with support for latest iOS 5.0.1 over iPhone 4, iPhone 3GS and iPhone 3G.
RedSn0w 0.9.9b9b is out there which can jailbreak iOS 5.0.1 and includes support for APTickets. The latest RedSn0w is a tethered jailbreak like previous RedSn0w whereas pod2g is doing hard effort to bring untetehred iOS jailbreak, hopefully in near future.
MuscleNerd has tweeted that iPhone Dev Team has managed iPhone 4S and iPad 2 jailbreak over iOS 5. He has also shared some photos of jailbroken iPhone 4S running Cydia and a video of jailbroken iPad 2.
The iPhone team has released Redsn0w 0.9.9b7 update which is a fast solution for iOS 5 jailbreak and reduces jailbreak time from 210 to 80 seconds.
Dev Team’s unlock tool Ultrasn0w v1.2.4 is out there which is now supportive for iOS 5. User can unlock iOS 5 on iPhone 4, and iPhone 3GS whereas iPhone 3G with old basebands is also compatible for the latest Ultrasn0w.