Over the weekend, Chronic Dev Team were kind enough to release their latest jailbreaking tool, "Absinthe" for iOS 5.0 and iOS 5.0.1 untethered jailbreak on iPhone 4S, and iOS 5.0.1 untethered jailbreak on iPad 2. At the time, it was only available on Mac OS X, but just a few hours ago, the Windows tool was released as well.
Obviously these tools only work on the iPhone 4S handset, and iPad 2. If you've got older devices, check out some of the other jailbreaking tools and apps. Absinthe for Windows is compatible with the iPad 2 running iOS 5.0.1 and iOS 5.0 and the iPhone 4S running iOS 5.0.
Instructions for Mac OS X
Instructions for Windows.
Download Absinthe for Windows, here.
Download Absinthe for Mac OS X, here.