Soldato
Tried three versions of Redsnow last night and not one of them would jailbreak my Iphone 4. I'm running IOS 5.1(9b176) and all I kept getting was ipsw errors.
Nice link Marky.
Ethan, it sounds like you have an iPhone 4 so that doesn't use the A5 chip and hence you should be able to upgrade to iOS 5.1 (tethered).
I wouldn't bother until you can run it untethered, unless there's a particular feature in 5.1 that you really want.
Have you tried iOS 5.0 yet? I've just ventured into the world of jailbreak and have the iPhone 4 and if you need help to jailbreak to iOS 5.0 then just give the word.