It’s been in the works for over two months. People have been clamoring for it since the release of the iPhone 4S. While we still may not have a working untethered jailbreak for the iOS 5, it seems that we made be getting closer.

Apple has made it significantly harder for hackers to find exploits for their software, but it does not mean it is not possible. Ifamous hacke pod2g has discovered an exploit and has created a working iOS 5 untethered jailbreak. The expert has just uploaded a video of the jailbreak working on an iPhone 4 with a little bit of a status update.

“Here is a new video demo of the current status of the iOS 5.0.1 jailbreak running on an iPhone 4. This is meant to reassure people that were thinking it only works on older iPods. The jailbreak is near ready for prime time (excluding 4S and iPad 2). Patches are the same as redsn0w’s. Expect the same level of stability. Some more days to wait. Be patient, we’re doing our best.”

Unless you are the proud owner of an iPhoen 4S or an iPad 2, this is great news. While we should not read into the “near ready for primetime” comment, there is a feeling that we are getting close.