We’ve already seen the video of the untethered iOS 5 jailbreak back in December and it looks like the iPhone 4S jailbreaking “dream team” is making considerable progress. Regardless of how imminent the public release appears to be, there’s still no exact date to pin your hopes on, though pod2g says “only a few to wait now”.

Hacker planetbeing took it to Twitter and let the world know that he “finally got unsigned code running on my 4S with the stuff that will go into the new jailbreak!” According to reports, it is imperative to update your iPhone 4S to iOS 5.0.1 before iOS 5.1 is released to public; once iOS 5.1 is out there you won’t be able to downgrade to iOS 5.0.1 and enjoy the current jailbreak. Until we see that long-awaited public release, check out the video below showing off the progress, courtesy of @dhowett.