Thanks to a longstanding hardware exploit, it only ever takes a few tweaks here and there to get the latest iOS releases tether jailbroken on most devices. Here's the 5.0.1 version, using redsn0w.
As usual, this version doesn't include the iPad 2 or iPhone 4S, but it's a start for anyone who's been having enough battery issues with iOS 5 to be craving 5.0.1's improvements, or just wants to get their hands on the new gestures for iPad without losing their jailbreak apps. You'll have to keep an eye out for an untethered release, but this is a good start.[RedmondPie]