All of a sudden, Pod2g the ex-member of Chronic Dev Team launched a tweet saying he has discovered a bug in iOS 5 to make untether jailbreak on iOS 5 become possible. This is certainly a good news because untether jailbreak is the most desirable jailbreak type. And here is the Tweet:
Unfortunately there is no specific ETA on when this untether jailbreak tool will be released. But as the tweet says Pod2g is currently working hard on it. I will keep you update when it's released. Just wait for that awesome day to come guys.