Jail breaking an iOS 5.0.1 device is a little different the some of the other iOS devices because of the fact that some of the devices in this generation were made with the A-5 processor and some without.
This changes which jailbreak app you'll be using.
With A-5: Your device will have an A-5 chip if it is an iPad2s or an iPhone 4s. If this is the case, you can actually follow the iOS 5.1.1 instructions above.
Without A-5: Earlier devices like iPhone 3GS, iPhone 4 GSM, iPhone 4 CDMA, iPad 1, iPod touch 3G, and iPod touch 4G will not have an A-5 chip. If this is the case, you can continue with this jailbreaking process.
Select "File > Devices > Back Up". This helps ensure that any data you have on your device can be later restored.
Download RedSnow for you operating system here:
You'll need to customize the drop down menus to get the right file:
Double-click the downloaded file to decompress it and drag the redsn0w icon to your desktop.
Step 4 - Run the Jailbreak
You'll get a quick security notification about opening an app you downloaded from the internet.
Plug your device in and run the jailbreak.
You'll be told you'll need to put your device into DFU mode (this stands for device firmware update) and which is what we're going to be doing next. So go ahead and click the Next.
Entering DFU mode is simple and redsn0w will give you these instructions to follow in app:
Hold down the power button at the top of your device for three (3) seconds.
Next, continue holding down the power button but also hold down the home button for a total of 10 seconds.
Finally, let go of the power button but continue holding down the home button for another 15 seconds, or until redsn0w changes screens and tells you it's exploiting your device for the jailbreak.
redsn0w will prompt you with some advanced options.
Cydia will be selected by default as the new app store.
But you'll want to Enable multitouch gestures (if it isn't already).
Wait a few minutes for the jailbreak to finish and for your device to reboot. Once it has booted, you'll see the Cydia icon on your phone (although it may not be located on your home screen, so have a look around).