If you are a regular visitor at Itsmyphone.co, So you might have gone through the news regarding the Untethered Jailbreak for iOS 5. There was a bug found in iOS 5.0 which can lead to Untethered Jailbreak for iOS 5.
The bug was founded by Miller and was announced by Pod2g, the member of The Chronic Dev-Team.The Jailbreak got no ETA so far, But they have said they will require some time in order to make it work properly. They need to work hard on it.

The team must be working on the Jailbreak, while Apple is working hard to fix the bug which was founded in iOS 5.0. Few days back Apple released iOS 5.0.1 Beta 2 to Developers to fix the battery issues on iPhone 4S. iPhone 4S was reported to be having major battery drainage issues with even turning off the things like notifications and etc. The day before Apple released iOS 5.0.1 to end users in order to see if the battery issues are fixed or not. Now the news of Bug that had been discovered has spread widely, SO the chances are greater that Apple will fix the bug with the Battery issues in its new update of iOS 5.0.1. So today on a short notice, Pod2g, Tweeted that the bug can be fixed in iOS 5.0.1 update, So stay away from the update.

Note about 5.0.1 : don’t update if you plan on jbking : the bug Charlie MILLER found can simplify exploits dramatically and will be closed. Ever is waiting for the Jailbreak and Apple is planning to fix the bug as it has been announced early. People waiting for the Jailbreak are advised that do not update to iOS 5.0.1 because the Bug will be patched by Apple and no one knows that when the Next jailbreak comes.

So we would suggest you that wait for the news from the The-Chronic Dev Team before updating to iOS 5.0.1. We will update you as soon as we hear any thing new regarding the Jailbreak.