Soon after the release of an untethered iOS 5.0.1 jailbreak via RedSn0w, the Dev Team has just released Pwnage Tool 5.0.1.

For those of you who don’t know: Pwnage Tool allows you to preserve your iPhone’s baseband by creating a custom IPSW. This is useful if you happen to unlock your iPhone through a Gevy SIM or UltraSn0w.

Pwnage Tool has been made available on the iPhone Dev-Team’s blog and is only available for Mac OS X.