This video tutorial will show you how to untether your jailbreak on firmware 5.0.1 using Corona from Cydia. Corona can be used on devices that have already been jailbroken with Redsn0w, Sn0wbreeze, or PwnageTool. If you currently have a tethered jailbreak, then you can install Corona to untether the jailbreak.
Corona 5.0.1 Untether works on the following devices:
iPhone 4
iPhone 3GS
iPod Touch 4G
iPod Touch 3G
iPad 1G