The untethered jailbreak for iOS 5 is under development, and I know, we hate waiting. But now hacker pod2g who’s working on an untethered jailbreak iOS 5 versions has speed up the process by getting help from other famous iOS hacker which you know as the Chronic Dev Team. pod2g handed the untethered jailbreak for iPhone 4 and iPad 2 to the Chronic Dev Team so they can finish the jailbreak and release it as soon as possible. Now pod2g will dedicate more time on the untethered jailbreak for iPhone 4S and iPad 2 — A5 devices.

From pod2g’s blog:

So, here is what I did:
– I gave all the details to the chronic dev team so that they can finish, test, integrate and release the A4 jb ASAP.
– I’ll put all my energy from now on the A5

iOS users waiting for the untethered jailbreak for A4 devices ( iPhone 4, 3GS, iPod touch 4/3G, iPad 1) will receive the jailbreak before iPhone 4S and iPad 2 users. The untethred jailbreak for A4 devices is almost done, as you can see on the video posted by pod2g yesterday demonstrating an iPhone 4 on iOS 5.0.1 with an untethered jailbreak.