Few minutes ago, iPhone dev team jailbreak tool RedSn0w 0.9.9b9b is released which includes support for iOS 5.0.1, so through guide below you will learn how to jailbreak 5.0.1 with the latest RedSn0w.
See also:
Jailbreak iOS 5.0.1 with Ac1dSn0w
Download Sn0wBreeze 2.8 b11 to Jailbreak iOS 5.0.1
Downgrade iOS 5.0.1 or iOS 5 to iOS 4.3.3
Jailbreak iOS 5.0.1 With RedSn0w 0.9.9b9b
Step-1
Download RedSn0w 0.9.9b9 for Windows/Mac
Step-2
Put your iDevice into DFU mode
Step-3
Double click on RedSn0w 0.9.9b9 to launch it
Step-4
Click “Jailbreak” button and let it complete the process
Step-5
Again, put your iDevice into DFU mode
Step-6
In RedSn0w window, click on “Extras” > “Boot Tethered” and wait for a while
Step-7
Open Cydia to grab updates and that’s it