I can successfully tether my Mac (10.7.3) to my iPhone4 (5.0.1) via wifi, no problem, been doing it for months.
However, when I try to tether via bluetooth instead, I can't seem to see the internet from my mac. Network Settings reports a green light for Bluetooth PAN, but my browser can't connect to anything at all.
My Mac reports very similar IP addresses for both, starting with 172.20.10 and differing only in the last octet.
Any idea why I can't successfully tether via bluetooth?