Although, Dev Team do not have yet released any update for its jailbreak tool Redsn0w for iOS 5.0.1, which is a developer release, but the previous the already available version of Redsn0w can do tethered jailbreak for iOS 5.0.1. You can read guide below to jailbreak iOS 5.0.1 with Redsn0w.
Note: This jailbreak for iOS 5.0.1 will not work for iPad 2 and iPhone 4S.
Jailbreak iOS 5.0.1 with Redsn0w
- Download and install iTunes 10.5 for Windows/Mac
- Download Redsn0w for Windows/Mac
- Download and install iOS 5.0.1 on your iPhone, iPod Touch or iPad
- Download iOS 5
Attach your iDevice to computer, launch Redsn0w and click on “Extras” button there
Click “Select IPSW” and navigate to downloaded iOS 5 firmware file instead of iOS 5.0.1
Go back and click on “Jailbreak” button, and “Install Cydia”
Follow on screen instructions to enter into DFU mode and when your iDevice will get entered successfully, Redsn0w will start jailbreak process
Enter into DFU mode
Click on “Extras” button, click “Just Boot” and that’s it