Looks like untethered jailbreak of  iOS 5.0.1 on iPhone 4 is round the corner.  @pod2g confirmed this on twitter. If you keep track of Jailbroken news, you will remember that he is the same developer who successfully jailbroken iPod 3g untethered.

His tweet read ” Got an untethered iPhone 4 running iOS 5.0.1. Feel Free to update”.

What this means for other iOS 5 devices like iPad 2 which are yet to be jailbroken either tethered or Untethered? Honestly we dont know and can only wait. Hopefully, iPAD 2 will be jailbroken soon either tethered or untethered. No time frames though promised by any developer.