The well-known iPhone hacker, Pod 2G, has just uploaded a video on his YouTube channel showing the ios5.0.1 jailbreak status.  This is for the A5 devices which are currently the iPhone 4S and iPad 2.
The jailbreak is untethered (as shown in the video below) and is currently being tested to ensure that it is stable enough to release to the public.  The release date is currently pending but it should be a matter of days until it is released to the public as we’ve seen in the past.  Remember to bookmark us and we will update you once the Jailbreak is released.