While the jailbreak for iOS 5.0.1 was available last week, the untethered version had just been confirmed Sunday by pod2g. As with most jailbreaks, when Apple releases an update to iOS, those who have hacked their phones must wait for the jailbreak community to engineer a suitable upgrade.
If users update their iPhones or iPads before the jailbreak update is ready, they will lose their hacked systems, reverting back to Apple's version of iOS.
For example, people who have an iPad 2 are still waiting for a jailbreak on iOS 5.0.1. In fact, if your iPad 2 is jailbroken you are still running iOS 4.3.3. There are still no known jailbreaks for the iPhone 4S, though the iPhone 4, iPhone 3GS, iPad 1, and the third- and fourth-generation iPod Touch all have been jailbroken on iOS 5.0.1.
Several entities, including the Chronic-Dev Team, are continually trying to stay, constantly looking for loopholes and exploits in the iOS code that will allow iOS-based devices to be jailbroken.
Are you planning on jailbreaking your iDevice? Have you already? Let me know in the comments!