To Semitether your device:
Step 1: Tether Jailbreak your iOS 5 device with RedSn0w (Complete download and guide HERE)
Step 2: Add http: //thebigboss.org/semitether to your Cydia sources.
STEP 5: Once done with the tethered boot, you’ll be able to reboot your device without being stuck on Apple logo.
According to the BigBoss:
1) Can use phone, sms (text messages)
2) Can use every other stock app on iphone.
3) Cannot use mobile safari
4) Can use other appstore web browsers such as atomic web browser
5) Cannot use mail app. You could install a gmail app from appstore or such instead.
6) You cannot use any jailbreak tweak, app, cydia until you boot tethered.
7) While in the semitether booted state, you should not add a jailbreak ios5 notification such as sbsettings to notifications during this state or your device will be stuck in a respring loop until you get home to “boot tetheredâ€.
Despite the limitations, it`s still great news for everyone.