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Can someone answer this before I go spend 50$ on one.

Yes, on that firmware the only option is Gevey.
Not sure about the $50 price tag though, I think you can get it for a lot less than that.

Yes it does and it works up to iOS 5.0 (not iOS 5.0.1)

And $50?

You's getting ripped off

That's false.
It doesnt work with 5.0
If you update to official 5.0 or 5.0.1 your gevey will be useless and you will have no way of unlocking it any longer.

So if I already updated to iOS 5.01, any way to unlock?

No, you're out of luck.
 
If you update to official 5.0 or 5.0.1 your gevey will be useless and you will have no way of unlocking it any longer.

This is so untrue. Right now I am using an iPhone 4 with gevey sim. I have upgraded to 5.0 with snowbreeze. Snowbreeze preserves your baseband and you have the option to jailbreak (tethered) or not. There is even a way to upgrade to 5.0.1 but then you won't have the option to jailbreak. Even though you can get the gevey sim cheaper on eBay you take a chance with it. The website Applenberry is the place to order from. Then you know you have the right one. It is thirty dollars on this website.
 
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