This is really a good news for those who have been waiting for iPhone 4S and iPad 2 untethered JailBreak running on iOS 5.0.1. We have already heard that a legendary team is working hard to make it possible which includes hackers like Pod2G, P0sixninja, MuscleNerd and Saurik. Recently, @Planetbeing has tweeted that he has been able to run an unsigned code on his iPhone 4S which is surely an indication towards the success. 
However, we are not too much sure until Pod2G update us with the progress on his blog. But it seems that they are lucky enough to resolve the problem which caused them to use their developer account to implement untethered JailBreak on iOS 5.0.1. If everything goes well, we should be able to get untethered JailBreak for iPhone 4S and iPad 2 soon. Till now, everyone in the team is quite positive considering the progress they have made in this period.
Whenever it would be available, we would let you know. In addition to it, you should save SHSH Blobs on iOS 5.0.1 unless Apple come up with the final verson and you face difficulties in reverting back to the same version again. Let’s know if you have any other doubts in the comment section. We will shortly answer them.