The iPhone 4s has never had an untethered jailbreak. In fact there hasn’t really been any jailbreak for the iPhone 4s since we have first seen it about 2 months ago. Now there is going to be not only an iPhone 4s jailbreak but it will also be untethered. Even though they have cracked the problem for the A5 we won’t likely see this anytime soon so don’t get your hopes up. Most likely after Christmas. pod2G has cracked it and here is the official statement:
OK, figured it out, the A5 cache is not a problem anymore. I sorted it out by doing the untether in a single thread and by flushing all the dcache then all the icache in a row at a strategical point of the process. It took me like a hundred of tests to find the key. Hard for the nerves. For the tech guys, here is a link explaining issues related to self modifying code ( or code patching ) on the ARM platform : http://blogs.arm.com/software-enablement/141-caches-and-self-modifying-code/
Another news : I discussed with @saurik today about the launchd boot process, and he’s found one missing piece of the puzzle I needed to have a perfectly stable jailbreak. He’s definitly one of the best iOS gurus out there. Thank you saurik!
Good work guys. I can’t wait to see the tool for this.
uApps 
Thank u guys my the force be with you guys always!!!!! True Jedi… Now should I update my 4s to 5.0.1? Or should I stay at 5.0? If I update will I be able to unlock my phone? If not will I be able to jailbreak my 4s on 5.0.1 or do I need to update!!!!
Unlock might not come for a while. I would stay on 5.0 until more information comes along.