Few minutes ago the brain of the iPhone Dev-team MuscleNerd has just tweeted a very interesting tweet about unlocking the iPhone using ultrasn0w on iOS 5 .
Any iOS 4.x.x or lower device where ultrasn0w works, also works in iOS5 (even iPad BB on 3GS). But *please wait* for our update!
So now we are waiting for a new version of ultrasn0w that support unlocking on iOS 5 which is expected to be released in the next few hours.
Stay Tuned for iOS 5, iCloud, and Mac OS X 10.7.2