The following guide will show you how to jailbreak iOS 5.0.1 untethered jailbreak using latest Redsn0w versions which is 0.9.10b1, also in order to jailbreak you must to have the following files:
STEP 1: Download Redsn0w 0.9.10b1 [Mac users-Windows users]
STEP 2: Open Redsn0w you already downloaded, select “Extras” then “Select IPSW” and browse for the iOS 5.0.1 IPSW file.
STEP 3: Now click on “Jailbreak” then “Install Cydia”.
STEP 4: You’ll need to follow the on-screen instructions to get your device into DFU mode (for newbies, follow our guide posted here).
That’s it you are done and you have successfully jailbroken your device, you can also watch this video guide below:



