Well today, after testing the exploit on his iPhone 4 running the latest iOS 5.0.1 firmware, he has confirmed via his Twitter account that it is indeed working which ultimately means that you are all now free to update your A4-based iOS devices to iOS 5.0.1. iPhone unlockers who rely on Ultrasn0w are still advised against upgrading to preserve the old baseband.
Pod2g: Got an untethered iPhone 4 running iOS 5.0.1. Feel free to update.This is indeed good news for those who accidently updated to iOS 5.0.1, only to have found themselves being locked out on the new firmware, with having no real way to downgrade back to iOS 5.0.
It is important to note here that so far, the exploit has only been confirmed to be working on A4-based devices, and below, like iPhone 4, iPhone 3GS, iPod touch 4G (and 3G), Apple TV, and the first-generation iPad. There has been no confirmation of it being working on A5 based devices like the new iPhone 4S and the iPad 2 yet.
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