5.0.1 Untethered Jailbreak On The Way (Must Read)

Within the last couple days Pod2g has been updating us on his progress with the untethered jailbreak.  Through out this post I will go over all the information you need to know. What version will the untethered jailbreak work on?  5.0 AND 5.0.1  So no need to worry if you have upgraded to the newest