@pod2g tweeted earlier about the iOS 5 Untethered jailbreak, here is what he said:
Hey jailbreaking friends, I’ve found a bug that can untether iOS 5. Don’t expect a release soon, but I’m gonna work hard in it.
Pod2G is a member of the iPhone Dev Team, the people that make redsn0w and pwnagetool. Hopefully the bug can be properly implemented into a jailbreaking tool. This post was mainly intended for the people that ask all the time if there are any jailbreak updates, and eager for any signs of change. The release may not be immediate however with many people working we will be sure to have a jailbreak in the near future.