My Guide here
The much awaited A5 untethered jail break has been released! This is for the latest and greatest version of your iPad 2 and iPhone 4s. (iOS 5.0.1) Right now its only available for Mac users with a Windows version slated to be released shortly.
As of this writing, the only version available is still only for the MAC. There are a few guides up already so I’ll just link to them.
As soon as the Windows PC version of Absinthe is out, I’ll make a tutorial and some video’s to help the process go smoother, but this is really all you need for now. (if you have a MAC)
Windows version found here
Regardless of which version you are using, they recommend using TinyUmbrella (grab the one for your O.S) to backup your SHSH blobs so if there is an issue you can downgrade back to the normal iOS. (without this you earned yourself a $500+ coaster)
Looking at the list of comments right now this is a work in progress as the servers are highly overloaded. Don’t expect this process to be completed without some work involved. I will help where I can!
Good luck and let me know how it goes!