But only for non-A5 devices.
SBSettings, here we come! iPhone Dev-Team has posted news that an untethered jailbreak for iOS 5.0.1 is now finally available. Unfortunately, the jailbreak only works on non-A5 devices, so iPhone 4S and iPad 2 users will have to wait for a little bit longer.
If you are new, the difference between an untethered jailbreak, and a tethered jailbreak (which has been available for some time now), is that the device can be rebooted without having to plug it in the PC first – an inconvenience if your iPhone runs out of battery.
The untethered jailbreak is compatible with iPhone3GS, iPhone4, iPhone4-CDMA, iPad1, iPod touch 3G, iPod touch 4G. The author of the jailbreak, @pod2g, is now working on a jailbreak for A5 devices, although he hasn’t said when it will be available.