An interesting video posted on the YouTube shows a working "untethered jailbreak" performed on the iPhone 4S with iOS 5.0.1. It runs without a hiccup and the device easily reboots after the jailbreak without needing to tether it to a computer.
Hacker Pod2g, who posted the video writes, an untethered jailbreak for iPhone 4S and iPad 2 is around the corner;
"My friend @DHowett made a video of an untethered 4S iPhone 4,1 running iOS 5.0.1 some days ago.
@DHowett is a famous iOS developer and a member of the Chronic Dev Team.
Only a few to wait now."