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With the launch of iOS 5 just weeks away, Intelliborn has updated its popular MyWi tethering app for compatibility with Apple’s upcoming mobile operating system.

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Many of you jailbreakers will have taken advantage of this great app, which allows you to turn your iDevice into your very own Wi-Fi hotspot. It has been of particular use to those with a non-3G iPad, whom can simply connect to the internet at any time and from any place via the iPhone’s 3G data connection – saving a pretty penny in the process.

Such an app sounds to good to be true, and although MyWi is arguably the best of its kind, it’s not without its issues. For example, it drains the battery at an astronomical rate, which although is to be expected of such a data-centric app, does take some of the shine away, somewhat. Having said that, the latest update denotes some improvements in the battery department in its changelog.

If you’ve been holding out for a potential usage-hiding feature, then I’m afraid you’re going to be disappointed once again. Many iPhone users caught tethering out their cellular connection - particularly those on AT&T - have been either warned or had data plans changed at whim, and unfortunately, MyWi doesn’t looked to have made any steps towards hiding the unauthorized tethering; although rival jailbreak app PDAnet does have such a feature, and costs less to boot.

MyWi version 5.0 is available in Cydia, and doesn’t come cheap by any stretch. New users will have to fork out $19.99, and while those running the 4.x versions can update for free, users on version 3.x will have to stump up $9.99. Still, the amount that can potentially be saved far eclipses the premium price tag.

If you wish to take advantage of one of the most advanced tethering apps on the iPhone, it will need to be jailbroken. You can follow our step by step guide posted here to jailbreak your iPhone, iPad or iPod Touch on iOS 4.3.5 using Redsn0w (or PwnageTool), or on iOS 4.3.3 using Redsn0w, PwnageTool, Sn0wbreeze or JailbreakMe (that last one being the easiest). Provided that you’re already running the latest beta of iOS 5 i.e. beta 7, you can jailbreak it two tools available: redsn0w for Mac/Windows or Sn0wbreeze for Windows. Both jailbreaks are tethered, so every time you restart your device, it will have to plugged in.

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