The long awaited untethered jailbreak for iOS 5 has just been released for iPhone 3GS, iPhone 4, iPad and iPod Touch 3rd and 4th generation devices.
The jailbreak is available for devices running iOS 5.0.1, so if you haven't updated to the newest version, you need to do that first. Otherwise, the process is similar to how it has worked in the past.
When you run redsn0w it will walk you through putting your device in DFU mode by holding down either your power or home buttons when your device first loads up, and then the rest of the jailbreak will happen on the device itself. It's a simple process that only takes around 10 minutes to finish and worked like a charm on an iPad 1.
If you're already running the previously released tethered jailbreak, iOS jailbreak blog Green Poison has put together a guide for using a Cydia package called Corona 5.0.1 Untether to install the newest untethered jailbreak on your device. There's no word yet on when or if a jailbreak for iPad 2 and the iPhone 4S is on its way, but for users of the older devices, it looks like you're set for now. Hit the link below for all the relevant download links and further instructions if you need it.
Untethered Holidays [Dev-Team Blog]