It's just a few weeks since pod2g revealed his untethered jailbreak
for iOS 5 and -- boom -- all of a sudden it's up for the DL. The exploit has been incorporated into redsn0w 0.9.10, the Pwnage Tool and Chronic Devteam's Cydia package, and it works on the iPhone 3GS, iPhone 4 (including the CDMA version), iPad 1, iPod Touch 3G and iPod Touch 4G, so long as they've been updated to iOS 5.0.1. Meanwhile, pod2g is reportedly now looking for a way to snap the shackles on A5-based devices too, but hopefully only after he's taken some rest -- a burned-out jailbreaker is no good to anybody. Full instructions are at the source link.
[Thanks to everyone who sent this in]