The iPhone Dev-Team has updated PwnageTool with support for the iOS 5.0.1 untethered jailbreak. PwnageTool lets you easily create a custom ipsw for upgrading to iOS 5.0.1.
Unlockers can use custim firmware to preserve baseband version and unlock with ultrasn0w or gevey. Depending on your device you can also configure the ipsw with boot logos and Cydia packages.
PwnageTool 5.0.1 supports iPhone 3GS,
You can download the new version of PwnageTool 5.0.1 from
UPDATE: Here are our step-by-step tutorials that will guide you through all the process of untethered jailbreaking iOS 5.0.1 with PwangeTool 5.0.1: