Yes I Can!

How-To Unlock iOS 5.0.1 On iPhone 4 / iPhone 3GS Using Ultrasn0w 1.2.5

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Step 1: Jailbreak your device using the latest release of Redsn0w or Sn0wbreeze.

Step 2: After the jailbreak procedure has finished, launch the newly installed ‘Cydia’ application that is present on your iPhone’s Springboard.

Step 3: The required repository comes as default with Cydia, but for education purposes to add a repo you will need to tap on ‘Manage’ tab, followed by ‘Sources’ and then finally select ‘Add’. After completing those steps an alert will pop up with the title ‘Enter Cydia/APT URL’.

Step 4: Add the following URL into the pop up alert – http://repo666.ultrasn0w.com – then select ‘Add Source‘.

Step 5: After Cydia has finished refreshing and adding packages, tap on the above mentioned repo and install the Ultrasn0w utility. Congratulations, you are now the owner of an unlocked iPhone.