Surely it's a good news, however no ETA yet about its launch, but judging from current situation then I think it won't be long for the release of iOS 5.0.1 untethered jailbreak. Therefore the wisest think we can do is waiting.
Anyway, that means you can upgrade your firmware to the 5.0.1 and then I would like to add another recommendation, this one from iH8Sn0w that it's advised for your to dump SHSH Blobs using iFaith before and after upgrading your iOS firmware.
Remember, iFaith is for Windows only tool. To save your SHSH Blobs simply follow the instructions video here. And download the iFaith v1.4 from this link or via this mirror link.