We gave you the details this past weekend that there was an iOS 5 jailbreak in the works from Pod2g (Chronic Dev-team) and MuscleNerd from (iPhone Dev-team). Well, low and behold, today the group has released Redsn0w 0.9.9b9b, adding native support for iOS 5.0.1 but still unable to crack the iPhone 4s and iPad 2. Pod2g blogged how “The untether fails right now because I’m having processor cache issues.”
This jailbreak will allow most devices to manually load IPSWs. If you have an iPhone 3GS and old bootrooms you can create IPSW files without blobs. However, this jailbreak is still tethered.
There are also some reports of lost functionality with the jailbreak, like loss of the ability to download over-the-air operating system updates from Apple is an obvious, and some new problems with the Skype app for iOS. Mobile Support Forum has a thread going with more details and download links to the files.