With the release of iOS 5.0.1 yesterday, the iPhone Dev Team has updated their most-popular jailbreak tool redsn0w to bring iOS 5.0.1 jailbreak. Although the previous redsn0w version support iOS 5.0.1, you had to point it to iOS 5 IPSW file. Now with redsn0w 0.9.9b8, you can just point it to the iOS 5.0.1 firmware file.
You can follow the guide posted here to jailbreak iOS 5.0.1 using redsn0w 0.9.9b8, you should just skip the step of pointing redsn0w to iOS 5 firmware and instead point it to the iOS 5.0.1.
Update #16: redsn0w version 0.9.9b8 will natively recognize the 5.0.1 beta that Apple let developers start testing this week (so you don’t have to play the “point at 5.0 IPSW” trick). Because the IPSW isn’t public, you’ll still need to provide it once to redsn0w (at which point it will cache all the important pieces so you don’t need to select it again).
For those 3GS and i4 users who preserve their baseband, the Mac version can also produce the NO_BB_* custom IPSWs for 5.0.1. (But please note that ultrasn0w doesn’t get updated for betas like this.)
This is still a tethered jailbreak for all except old-bootrom 3GS users.
Download redsn0w 0.9.9b8:
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