There is now an untethered jailbreak for everyone not on an iPhone 4s or ipad 2 for 5.0.1. If you are on 5.0.1, you can apply it via Cydia by installing “Corona 5.0.1 Untether”. Alternatively, you can install it with the latest redsn0w. If you are on 5.0, you will have to restore to 5.0.1 first, then you can jailbreak untethered via redsn0w.
The traffic for cydia repositories is huge right now. So if you get any errors related to installation of package, I suggest you try later (or a few days later).
iPhone 4s / iPad 2 jailbreak to follow in a bit. No one has an answer as to when so don’t bother asking.
Finally, if you have semitethered installed, you should probably uninstall it via cydia once you are untethered. It is no longer necessary.