When it comes to jailbreaking iOS 5, we’ve gotten a tethered option, a semi-tethered option, and have heard promises of finally seeing an untethered solution. That was about a month ago, when a new exploit was supposedly uncovered that could conceivably give rise to just such a jailbreak. Today we get our first chance to look at the results, with an iOS 5 untethered jailbreak being shown-off on video.

The clip comes courtesy of iPhone hacker pod2g, who demos an iPod touch going through a full power cycle in its jailbroken state. This demonstration shows iOS 5, but pod2g has stated that he believes adapting it to 5.0.1 will be a quick process.

We still lack progress towards an untethered jailbreak for the iPhone 4S. We heard about efforts late last month to recruit users to submit iOS crash reports, hoping to spot an exploitable bug in them. It doesn’t look like pod2g is much closer, though he mentions that he may his attention to the 4S and the iPad 2 once he finishes getting his tool ready for iOS 5.0.1. Of course, that means having access to one or the other, which he doesn’t at the moment. As far as releases go, no promises; they’ll be out when they’re out.