iOS 5.0.1 has now officially has been jailbroken and UNTETHERED. While it has not been released to the public, @pod2g on twitter, has tweeted that he has an untethered iphone 4 on 5.0.1 untethered. more news soon. http://pod2g-ios.blogspot.com/ Keep updated on his latest progress. Follow him on twitter or go to his blog
Update 1: iOS 5.1.1 has been Jailbroken and Untethered.
Update 2: iOS 6 Beta has no ETA, and hasn't been jailbroken
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