Ultrasn0w 1.2.5 – for iPhone 4/3GS to Unlock 5.0.1 Coming Next Monday, a few days ago Apple released iOS 5.0.1, and from a while today iPhone Dev-Team has released Redsn0w 0.9.9b9 for tethered jailbreak on iPhone, iPad and iPod touch, From a while also iPhone-Dev team announced on their Blog that Ultrasn0w 1.2.5 will be available on Cydia to unlock iPhone 4, 3GS on 5.0.1 by the next week on Monday.
this is what iPhone Dev Team says :
ultrasn0w compatibility update (i.e. same baseband requirements) for 5.0.1 will be available on Cydia Monday
Ultrasn0w 1.2.5 will support the following iPhone basebands:
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finally!!!! that u ultrasnow