Dev Team has done great job one after another to jailbreak the latest iOS of Apple. With Redsn0w 0.9.9b8, you can jailbreak iOS 5.0.1 for iPhone iPhone 4, 3GS, iPad 1, iPod TOuch 4G, 3G. Now the download links for both Mac and Windows are available. Check the links below.

Redsn0w 0.9.9b8:
Here is the update detail:
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.
Note: iPhone 4S and iPad 2 can’t be jailbreak by Redsn0w 0.9.9b8 due to advance hardware.
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