You can quickly access, download & install Corona 5.0.1 Untether (Chronic Dev team’s version, packaged in the Cydia store) for your iPhone 4, iPhone 4 (CDMA), iPhone 3GS, iPad 1, iPod Touch 4G & iPod Touch 3G *CURRENTLY RUNNING iOS 5.0.1* by following the steps below:
Open the Cydia app on your tethered jailbroken device**
Search for “Corona”
Hit the “Install” button (as shown in the screen grab below)
This package will allow your 5.0.1 device to install pod2g’s untethered exploits and reboot without requiring an external tool like redsn0w or sn0wbreeze, and without having to restore your device (so you get to keep all your apps, contacts, etc).
**Note: if you do not currently have access to the Cydia store on your 5.0.1 device, you can use the redsn0w 0.9.10 tool developed by the iPhone Dev team. It is exactly the same set of files as our Cydia package, but bundled with redsn0w for new jailbreak users and/or those who are not already running a tethered jailbreak:
Important Note: iPhone users, if you rely on unlock you MUST stay away from iOS 5.0.1 update, it will break your unlock as it will upgrade your iPhone baseband to one that can’t be unlocked. Dev-team will release Redsn0w 0.9.9 to let unlockers able to upgrade to iOS 5 with preserving the unlockable basebands.
Jailbreak iOS 5.0.1 – Supported devices :
iPod touch 3G
iPod touch 4G
iPhone 4S – ?
iPad 2 – ?
Jailbreak iOS 5.0.1 – iPhone 4, 3GS,iPod Touch 4G, 3G, iPad [Tutorial] :
HOW TO JAILBREAK 5.0.1 iPHONE 3GS UNTETHERED COMPLETE GUIDE:
1) Open RedSn0w tool and click “Extras”
2) Click “Custom IPSW”
3) Select original iOS 5.0.1 and click “Open”
4) Waiting ……
5) OK. Custom IPSW created
6) Click “Pwned DFU”
7) Click “Next” and read information
8) OK. Your device should now be in owned DFU mode…
9) Connect iPhone 3GS with iTUNES and click “OK”
10) ATTENTION. Click “ALT +Restore” ( Mac OS X) or “CTRL + Restore” ( Windows PC)
11) Select Custom IPSW (file “NO_BB……..” )
12) Click “Restore”
14) Waiting…. and Done.
Update #2: The b2 version of redsn0w includes the launchctl-related fix by @planetbeing as mentioned by @saurik. As usual, you can just re-run redsn0w in jailbreak mode over your existing 5.0.1 jailbreak (even a PwnageTool one), making sure to de-select “Install Cydia” if you do. Always be sure to do a controlled “slide to power off” shutdown of your device before running redsn0w.