iOS 5.01 Untethered Jailbreak Method One.
~u~ loves iOS 5 and has been waiting for untethered jailbreak!

iOS 5.0.1 Untethered Jailbreak Supported Devices

iPhone 4 (GSM & CDMA)
iPhone 3GS
iPod touch 4G
iPod touch 3G
iPad 1

Notes:
*If you have one of those devices and are not on 5.0.1 yet, update now! iOS 5.1 will be out soon, and it patches this exploit.

Downloads
1. Download Redsn0w 0.9.10b3
MAC-
Windows-
2. Download iTunes from here.
3. Download the 5.0.1 ISPW from here.

Steps

STEP 1: 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: Once done, your device will be rebooted and you'll have a full untethered jailbreak on iOS 5.0.1.