RedSn0w 0.9.9b8 released by iPhone Dev Team can jailbreak iOS 5 .0.1 beta

Important Note: This Jailbreak iOS 5 .0.1  is for iPhone, iPod Touch and iPad. It will NOT work on other iDevices

Step 1: Download the latest version of iTunes (10.5) for Windows or Mac.

Step 2: Back your iDevice up through iTunes. You should always do this for safety reasons. Dont worry though, nothing should go wrong.

Step 3: Update your device to iOS 5.0.1.

Step 4: Download the latest version of Redsn0w for Windows or Mac. It’s always important to use all the latest updated version. So make sure your doing so.

Step 5: Run Redsn0w. Select “Extras”, followed by “Select IPSW”, and point it to the iOS 5.0 firmware file, which can be downloaded from this link. Select the appropriate firmware file tailored for your iDevice.

Step 6: Press  ”Jailbreak”, and the choose ”Install Cydia”.  Now proceed following steps through the DFU mode. Redsn0w will now automatically apply the jailbreak.

Step 7: When it is completed, it will then  need to be boot into the tethered mode. Now run Redsn0w choose ”Extras” and then  ”Just Boot”. Like all tethered Jailbreaks it is necessasry to perform this task every time you switch off or reboot your iDevice.