iPhone Dev Team has released an updated version of their unlock tool. Ultrasn0w 1.2.5 is capable to unlock iPhone on iOS 5.0.1. No new baseband is added to the list. It unlocks the same baseband it on which it can operate, its just support for iOS 5.0.1 is added to it.
Earlier they released Redsn0w 0.9.9b9 to jailbreak iOS 5.0.1. Now they have released Ultrasow 1.2.5 for those who care for the unlock.
Of course you need to jailbreak iOS 5.0.1 in order to use get unlock for latest firmware iOS 5.0.1.
It can unlock iPhone 4 with baseband 01.59.00 and iPhone 3GS with baseband 04.26.08 / 05.11.07 / 05.12.01 / 05.13.04 or 06.15.00 on iOS 5.0.1.
Remember if care for unlock and updating to iOS 5.0.1 from any firmware lower than iOS 5, then you need to preserve your baseband while upgrading. Otherwise you get struck on baseband 4.11.08 for which no unlock solution exists. You can follow this guide to avoid it: Preserve your baseband while updating to iOS 5.0 / 5.0.1.
Once you are on iOS 5.0.1, you need to jailbreak it. You can follow this guide: How to Jailbreak iOS 5.0.1 on iPhone iPad & iPod Touch with Redsn0w 0.9.9b9
Once you safely update to iOS 5.0.1 and then jailbreak it, now you can use Ultrasn0w 1.2.5 to unlock your iPhone 4 or iPhone 3GS.
All you need to do is to install a repo “http://repo666.ultrasn0w.com” (if its not already installed and needs an update) from Cydia and it will unlock your device:
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