Pod2g Shows iPhone 4 iOS 5.0.1 Untethered Jailbreak [Video] - The video demo clearly shows that the untethered jailbreak is ready for the prime time for all the A4 iDevices (excluding iPad 2 and iPhone 4S) running iOS 5.0.1/5.0.
The video shows the usual things like Cydia running, iOS version, and rebooting the device to prove that the jailbreak is untethered and required no tether boot.
Checkout the untethered jailbreak on iPhone 4 iOS 5.0.1 in action: