Earlier this week, one iPhone Dev-Team member teased a new version of Redsn0w that would allow users to downgrade their A5-powered devices — including the iPhone 4S, the iPad, and the new iPad — to iOS 5.0.1 and above for jailbreaking.

That update is now out and available to download.

If you’ve updated your iOS devices past iOS 5.0.1, then you would have lost your untethered jailbreak. Hackers are working on a solution for Apple’s latest firmware, but it’s expected to be at least several months before it makes its public debut.

Fortunately, there is hope. The upcoming Redsnow release will allow you to downgrade your A5-powered devices — the iPhone 4S, iPad 2, and the new iPad — so that you can reinstate your untethered jailbreak.