iOS 5.0.1 Jailbreak Possible with RedSn0w, iPhone 4s & iPad 2 Sadly Not Included
So, you upgraded you iOS device to iOS 5.0.1 and now you want to jailbreak it? Well it looks like you’re in luck (sort of) as the iPhone Dev Team’s Redsn0w tool works with iOS 5.0.1 devices too.

Why sort of? For starters the jailbreak does not support the iPhone 4S and the iPad 2, as expected. A preliminary jailbreak for those devices exists, but the iPhone Dev Team is still not ready to release it or else they would have. The iPad 2 can be jailbroken but only if running iOS 4.3.3, in which case it can be done with the world-renowned JailbreakMe 3.0 tool.
Then let’s not forget that pod2g from the Chronic Dev Team told everyone ahead of the official iOS 5.0.1 launch that once Apple’s update hits, those users that want an untethered jailbreak down the road will have to stay away of iOS 5.0.1.
Finally, in case you have an iPhone 4 or iPhone 3GS that can be unlocked with Ultrasn0w, then you should also hold off upgrading to iOS 5.0.1, or make sure you preserve your baseband in the process in order for a subsequent unlock to be possible.
Everyone else that owns a device that can be upgraded to iOS 5.0.1 – that includes the iPhone 4, iPhone 3GS, iPad, iPod touch 4G and iPod touch 3G – can jailbreak their device if none of the issues mentioned above prevents them from doing it.
Don’t get us wrong, we’re not encouraging you to do it, even if it’s completely legal. It will still break your warranty, if you got one, and lead to other unwanted consequences, especially if you’re not comfortable performing such tricks. Of course, you paid for the iOS device so it’s your right to do whatever you want with it, but at the same time you’ll be the only person responsible for the whatever happens to it. And if you do go down that road, make sure you backup all your data ahead of jailbreaking and follow closely the steps required to jailbreak your iOS 5.0.1 device.
Credit: Source.iPhone Dev Team Releases New Redsn0w Version for Mac & PC
Pod2g’s Untethered Jailbreak for iOS Devices Not Including the iPhone 4S & iPad 2 Launched by the iPhone Dev Team & Chronic Dev Team
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