Apple released iOS 5.1 to the public on March 7th, and jailbreakers with A4-based iOS devices like the iPhone 4 were able to perform a tethered jailbreak shortly after the firmware hit. Those who wanted to keep their full, untethered jailbreak (including iPhone 4S and iPad 2 owners) have had to stay on iOS 5.0.1 until a new jailbreak is announced for 5.1.

There have been whispers on Twitter that certain hackers are finding exploits for a iOS 5.1 jailbreak, and the infamous hacker known as “i0n1c” has already jailbroken his way into 5.1 on the iPad 2.

It took the iPhone Dev-Team less than 24 hours to successfully perform a tethered jailbreak of the first iOS 5 beta, but hopes that an untethered jailbreak would be developed before iOS 5 goes public later this year have now been crushed.

The iPhone Dev-Team’s PwnageTool has just been updated for Mac OS X users to provide a stable jailbreak for the latest iOS 4.3.3 release. Just as before the application provides an untethered jailbreak for the iPhone 4, iPhone 3GS, iPad (1st-gen) and the iPod touch (3rd- & 4th-gen).

PwnageTool uses i0nic’s untethered exploit to safely install jailbroken 4.3.3 firmware whilst preserving your 1.59.00 baseband. This gives users the opportunity to continue to use UltraSn0w to unlock their device.

Apple released iOS 4.3.3 on Tuesday to address the infamous location tracking issues with the iPhone. To our surprise, however, the update to does prevent the latest untethered jailbreak solution, leaving 4.3.3 still vulnerable to the hack.

Dev-Team member C0mex posted a message on Twitter yesterday that confirmed the exploit was still successful. While we don’t recommend you try jailbreaking the latest iOS release with Redsn0w or PwnageTool, it’s only a matter of time before both tools are updated.

In its fight against the jailbreak community, Apple usually fixes the vulnerabilities that make the latest jailbreaks possible, forcing hackers to find another exploit. The fact that it hasn’t with the latest iOS release is evidence that Apple rushed to get the 4.3.3 software out and quickly quash the location tracking bugs, putting an end to the whole ‘Locationgate’ saga.

We’ll keep you updated on the iOS 4.3.3 jailbreak as it progresses.