Pod2G just posted on his blog, said that within hours Chronic Dev team will release untethered jailbreak solution for iPad 2 and iPhone 4S called Absinthe. It will be untethered jailbreak for A5 devices running on iOS 5.0/5.0.1 Dev Team will also release a program that will allow exactly the same thing but using only lines of code and not a user interface. Absinthe is developed by the Chronic Dev Team and is now ready for release and if everything said Pod2G It turns it up tonight or at night you should have available.
A tool named Absinthe and by the Chronic Dev Team developed Will install on your device the untether. Also Will the iPhone Dev Team release CLI (command line) tool to help diagnose and repair issues if it goes wrong things. This is a little scary I know, But the chance is really small you break Something, We made lots of tests since to verify the process on different devices. But it is the first time We use the backup / restore functions of iTunes to install software, and things There are maybe aware of We Are Not.