Recently, pwn dev team has released Ac1dSn0w beta 2 which is a tethered jailbreak for iOS 5 and iOS 5.0.1 over iPhone 4, 3GS, iPod Touch 4G and original iPad. By following the steps below you can do iOS 5/5.0.1 jailbreak with Ac1dSn0w beta 2.
See also:
Download Redsn0w 0.9.9b7 to Jailbreak iOS 5
Jailbreak iOS 5 Semitethered on iPhone, iPod Touch and iPad
How to Jailbreak iPad iOS 5 with RedSn0w
Download Sn0wBreeze 2.8 b11 to Jailbreak iOS 5.0.1
How to Jailbreak iOS 5.0.1 with Redsn0w
Jailbreak iOS 5 and iOS 5.0.1 with Ac1dSn0w B2
Step-1
Connect you iDevice to your Mac and turn OFF your iDevice
Step-2
Download Ac1dSn0w Beta 2 for Mac, launch it and click “Show Assistant” option
Step-3
Follow on screen instructions to put your iDevice into DFU mode
Step-4
When your iDevice will successfully enter into DFU mode click on “Jailbreak” button and let it finish
Step-5
iDevice will reboot
Step-6
Again, put your iDevice into DFU mode and click on “Tethered Boot” button
Step-7
Wait for a while until it displays white Cydia icon
Step-8
Click on Cydia icon to initialise and close
Congrats, your iDevice over iOS 5/5.0.1 is jailbroken now with Cydia installed on it.