The wish of many iPhone 5 users was granted today. Planetbeing, a well-known iOS hacker, tweeted on early Monday morning that today was the day they would release the iOS 6.1 jailbreak.  The release is a day later than initially anticipated  (it was supposed to be released on Super Bowl Sunday).

His Evad3ers team has been working on the jailbreak for months now, the specific jailbreak for iOS 6.1 utilizing developer betas from Apple. This time they decided to wait a bit before launching the final version in hopes they wouldn’t have to patch up security problems. The update became available at 12:00 pm eastern standard time.

Jailbreaking your iPhone offers numerous benefits including access to special iPhone app store called Cydia, which offers many mobile applications that are not approved by Apple. This new feature also allows for more customization options and settings.

According to the jailbreak website, the entire process should take about five minutes, not counting the preparation time. For those who have experience in jailbreaking their iPhone, it may take less than five minutes to jailbreak the device, especially if they can skip a few steps in the process.

The new jailbreak will be available for iPhone 5, iPhone 4S,  iPhone 4 users.

In other iPhone related news, it looks like the iPhone is back in the lead for top selling smartphone, at least in the United States. What’s more are the rumors that Apple will release a budget-friendly iPhone Mini. This smartphone would offer nearly everything the larger iPhone does only with minimal embellishments and lower-end specs. Tom’s Hardware recently shared a report on a patent  for a clear plastic iPhone with  no home button on the front of the phone, nor does it feature a front-facing camera, although it reportedly will feature a rear-camera.

For now the iPhone Mini remains just to be a rumor, although some predict it may arrive in stores this summer.

Update: Jailbreak has been released: Read Here.