How to unlock iOS 5.0.1 with GEVEY Ultra and FuriousMod 2.0

Step 1: Jailbreak your iPhone 4 on iOS 5.0 or iOS 5.0.1 using redsn0w 0.9.10 or Corona 5.0.1 Untether tweak. Since, 5.0.1 can be jailbroken untethered, we would advise users to update their iOS to 5.0.1 (make sure you preserve your baseband to 04.10)
Step 2:  Once your iPhone is jailbroken, click on the Cydia icon at homescreen to open it.

Step 3: If you received the following screen, select “User” (not hacker or developer).

Step 4: Select Manage on bottom right of Cydia’s home screen.

Step 5: Select Sources on center of Manage screen.

Step 6: Click on edit on the top right of the Sources screen.

Step 7: Select Add on upper left corner of Sources screen. Then “Enter Cydia/APT UL” screen will pops up. Enter, http://cydia.furiousmod.com and select Add Source.

Step 8: Click on “Return to Cydia”.

Step 9:  Once added, select FuriousMod.com from the list of sources.

Step 10:  Tap Install on upper right corner to install the unlock hack.

Step 11:  Tap “Confirm”.

Step 12:  Tap on large rectangular button “Restart SpringBoard”.

Step 13:  Hold the power button for about 3 seconds and then slide the bar to the right. This will turn off your iPhone.

Step 14:  Insert your GEVEY Ultra along with your SIM card and turn on the iPhone and wait. Please be patient. Your iPhone will be unlocked within 5 min.

Repeat steps 13 and 14 if your carrier does not show up on the upper left corner. If you remove the GEVEY Ultra from your iPhone 4 intentionally or accidently, you have to reboot your phone in order to reactivate unlock.