According to recent news from the underground developers themselves, pod2g's userland exploit will most likely be ported to both Greenpois0n and Redsn0w, both free, massively distributed jailbreak tools. Both authors of Greenpois0n and Redsn0w have assisted pod2g with the task of converting his half-baked iOS 5.0.1 exploit into a freely and massively distributable public exploit.
Nevertheless, pod2g has recently posted an image of an Apple iPad 2 running iOS 5.0.1 with a successful untethered jailbreak. The image depicts the device running Cydia 1.1.2 in all its glory on an untethered A5-based tablet. We shouldn't be more than a couple of days away from seeing both Greenpois0n and Redsn0w releases. Many prospective iPhone 4S and iPad 2 functionality enthusiasts have been waiting for this public release for many months now, and it is literally just around the corner at this point.
Additionally, pod2g has also posted a video of an Apple iPhone 4S running iOS 5.0.1 with a successful untethered jailbreak which can be found here.