Untethered jailbreak for iOS 5.0.1 has . While there is no reason not to update to iOS 5.0.1, there might be some users who would like to stay on iOS 5 and have untethered jailbreak there too.
Famous hacker Joshua Hill (nickname p0sixninja) has recently posted via twitter that an untethered jailbreak for iOS 5 will be released soon after testing.
@p0sixninja: 5.0 untether will be coming soon, we still have some testing and bugs to work out

