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Apple had released iOS 5.0.1 only a couple of hours ago and the newly released firmware can be jailbroken using Redsnow. So if you want to jailbreak your iPhone 4/3GS, iPad 1 and iPod touch go ahead and follow the guide below to jailbreak.
Notes:
- There is no untethered jailbreak available for iOS 5, so likewise this jailbreak is a tethered one.
- iPad 2 can not be jailbroken right now, to jailbreak iPad 2 downgrade to iOS 4.3.3 and jailbreak using JailbreakMe 3.0
- If you rely on unlock do not update to iOS 5.0.1
- There is no jailbreak available for iPhone 4S, wait until further information.
- If you jailbreak you will lose the ability to update via OTA (Over The Air). You will need to plugin you iOS device to your computer and restore to get the ability back
You Will Need:
Download iOS 5.0
Download iOS 5.0.1
Download iTunes 10.5.1
Download Redsnow For Windows or Mac
Jailbreak Compatibility (These devices can be jailbroken)
- iPhone 4 (GSM)
- iPhone 4 (CDMA)
- iPhone 3GS
- iPad 1
- iPod touch 3G
- iPod touch 4G
Jailbreak iOS 5.0.1 Using Redsnow
STEP 1:Download Redsnow from the link above
STEP 2: Download iOS 5.0.1 from the link above
STEP 3: Plugin your iPhone iPad iPod touch to your computer via The USB
STEP 4: Start redsnow, click on extras followed by select ipsw ( select iOS 5 NOT iOS 5.0.1)

STEP 5: Now you will need to put your device in DFU mood. Simply go back and select jailbreak, after you have selected that you will be asked to put your device in to DFU mood, simply follow the on screen instructions and Cydia will be installed on your iPhone iPad iPod touch.
STEP 6: As this is a tethered jailbreak you will be required to boot tethered every time you reboot your device (one of the problems of untethered jailbreak)
STEP 7: To boot tethered put iPhone iPad or iPod touch in DFU mood and select extras followed by just boot.

Congrats you have successfully jailbroken (if you have followed the steps correctly).
Now there is an option to install a cydia package called Semi-tethered jailbreak that allows you to reboot without the need of a computer, a very handy tool for those who do not have access to a computer all the time.
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Is there a untethered version I don’t have a desktop or lap top
There is no untethered for iOS 5.0.1. If you want an untethered jailbreak do no update to iOS 5.0.1. Stay on iOS 5
why wouldnt you want to upgrade to 5.01 if you rely on unlock? if you use the coming T288 apple peel for the ipod touch 4th gen will it affect how it works?
When upgrading to a new iOS firmware it upgrades your baseband too therefore if your iPhone relies on getting unlocked, it gets locked.
This does not have an affect on iPod touch.
if i jailbreak my iphone dose it destrory my previous programs?
i really afraid of jailbreaking
No it will not destroy any programs