At last, an untethered jailbreak for iOS 5 has been released by hacker pod2g for iOS devices that aren’t powered by Apple’s A5 chip. These devices include the iPhone 3GS, iPhone 4 (GSM and CDMA), original iPad, and the third- and fourth-generation iPod touch. Unfortunately, iPhone 4S and iPad 2 owners will have to continue to exercise their patience.
Pod2g gave the jailbreak vulnerability to both the iPhone Dev Team and Chronic Dev Team, who have bundled it into jailbreaking tools for both Windows and Mac. To jailbreak, use the iPhone Dev Team’s latest redsn0w for Mac or Windows, or Chronic Dev’s Corona 5.0.1 utility from Cydia on already tethered jailbroken iOS devices running iOS 5.0.1.
FULL GUIDE HERE