iPhone Dev Team has released...

Abhe.Apple iPhone Dev Team has released Redsnow 0.9.9b9, which comes with new features and previous bugs fixed in it. This version is for ios 5.0.1. Now we have got the clue from iPhone Dev Team that Ultrasn0w unlock is near even the foot note of their communication suggests that it’s expected to be released on coming Monday as Christmas Gift.

The new version of 1.2.5 is not a new unlock for higher basebands, but it will only bring compatibility with iOS 5.0.1 to unlock the current lockable basebands.
These are the supported basebands for ultrasn0w 1.2.5 unlock on iOS 5.0.1:
01.59.00
04.26.08
05.11.07
05.12.01
05.13.04
06.15.00
Most of us are keeping close eye on updating this list to support latest basebands with Firmware higher than iOS 4.1 on iPhone 4 and even the iPhone 4S.
You can download the new Ultrasn0w 1.2.5 from the next Monday and use it after jailbreak iOS via custom firmware using Redsn0w 0..9.9b9.
But adviced not to update to iOS 5.0.1 until the unlocker officially released for iPhone 4 and iPhone 3GS users.
Christmas coming soon. And Unlock with UltraSn0w also.