With the release last night of the new version of Wifi tether, tether now works again on the razr with ics. Simply set to razr-enable routing- and your good to go! Follow the issue below for continued development.
Issue 1556 - android-wifi-tether - App no longer works after ICS update - Wireless Tether for Root Users - Google Project Hosting
Issue 1556 - android-wifi-tether - App no longer works after ICS update - Wireless Tether for Root Users - Google Project Hosting