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The wait for the untethered jailbreak for iOS 5.0.1 is finally over.
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.
iPhone Dev team announced the release of the latest version of Redsn0w that supports untethered jailbreak on their blog. They've provided the following details: