Just before a Few minutes , the french iPhone havker Pod2g published video in his personal blog which shows the work Untethered Jailbreak on the iPhone 4 iOS 5.0.1, and this video came to reassure people and affirms his best work on Untethered Jailbreak.

this is what pod2g says on his blog :
Hello,And this is the new video :
Here is a new video demo of the current status of the 5.0.1 jailbreak running on an iPhone 4.
This is meant to reassure people that were thinking it only works on older iPods.
The jailbreak is near ready for prime time (excluding 4S and iPad 2).
Patches are the same as redsn0w's. Expect the same level of stability.
Some more days to wait. Be patient, we're doing our best.
~pod2g
Stay tuned with us for any update or download links.
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