I run an iP4, 5.0.1 jailbroken with latest redsn0w (version "c") untethered. When I open Unlimtones, I can use all the features except "make a ringtone".
When I try to make a ringtone, using a song that is not DRM, I can set the time of the tone, etc..but cannot save the ringtone...the "make ringtone" button is covered with the name of the song.
Unlimtones probably have bugs as this is the newest iOS , wait a little and they'll probably update it with bug fixes, there are many other apps that do the same job, I just can't think of any now
I added the repo i4iPhones Repo and got an "upgrade" message for unlimtones..and voila, now I can make the tones. The version that I downloaded was from bigboss repo..but found a post where the developer cited the above repo to get the program...works fine now
I have to be honest the make a ringtone function has been lacking on UnlimTones as I have been focusing on other options I will be working on the make a tone function soon