Update: As explained here, this upcoming jailbreak will likely work on iOS 5.0.1 as well.

Ladies and gentlemen, the moment all jailbreaking enthusiasts have been waiting for has (almost) arrived! A new video has been uploaded by one eminent member of the jailbreaking community and it gives us the first look at untethered jailbreak for iOS 5. Details (and video), after the jump!

The news comes straight from pod2g – respected iPhone hacker and discoverer of exploits – in the form of an update sent out from his Twitter account which links to a YouTube video in which untethered jailbreak for iOS 5 is showcased.

From Twitter:

🙂 iOS 5.0 untethered jailbreak demo :http://youtu.be/n8gi3qRfd7Q

We have no details at all about this untethered jailbreak other than the fact that, well, it works on iOS 5.0 (not iOS 5.0.1 as yet) on an iPod touch. We don’t know if it works for other, as of yet non-jailbroken devices like the iPad 2 and iPhone 4S but we will, of course, update you if we receive relevant information.

Pod2g hasn’t mentioned which exploit this untethered jailbreak uses, but this may just have something to do with a certain bug he found on November 7th which he claimed could untether iOS 5.

The single greatest benefit of an untethered jailbreak over a tethered one is that users can restart their iOS device into jailbroken state without having to connect to a PC. Until the untethered jailbreak is released, enthusiasts will have to make do with Redsn0w or Sn0wbreeze. After that, you should definitely install the SemiTether package which allows you to reboot your device with limited functionality until you can get access to a PC.

The video uploaded by pod2g has been embedded below for your viewing pleasure:

As we’ve mentioned before, we have no concrete details about how the jailbreak works and when it will be released. Please be patient!

Meanwhile, please consider sending your iOS device’s crash reports to Chronic Dev-Team instead of Apple using C-Dev Crash Reporter so that the jailbreaking community can, hopefully, find more exploits for your iOS device so that, in turn, they can develop better, untethered jailbreaks for it.

Besides this, stay away from iOS 5.0.1 if you plan on untethered-jailbreaking your iOS device.

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