According to pod2g, an untethered jailbreak for iOS 5 and iOS 5.0.1 will be out soon. This is very reassuring news to a lot of iOS jailbreakers. They are yet to try it on the newer A5 devices. Pod2G has also released a teaser trailer here.
Also if you plan on downgrading later, it is a good idea to use iFaith to backup your SHSH blobs and APtickets.