Download Sn0wbreeze 2.8b9 Released to Jailbreak iOS 5.0.1 with Custom Firmware
Redsn0w 0.9.9b8 is available for download to tethered jailbreak iOS 5.0.1 on iPhone 4, 3GS, iPod Touch 4G, 3G & iPad 1. Though Redsn0w 0.9.9b8 has option to create custom firmware but only on mac version. If you are on Windows then you are out of luck.
Well ih8sn0w Sn0wbree can come handy, as updated version Sn0wbreeze 2.8b9 to tethered jailbreak iOS 5.0.1 has been released. The Sn0wbreeze 2.8b9 can tether jailbreak iOS 5.0.1 & iOS 5.0 using custom firmware. You can also preserve baseband if you want to unlock your iPhone 4, iPhone 3GS using ultrasn0w, however only if you have ultrasn0w supported baseband.
1. Supports iOS 5.0 (9A334)/5.0.1-b1 (9A402)
2. Fixed iBooks sandbox crashing issues.
3. Fixed location services issues with iPhone 3GS
users running the iPad baseband.
4. Re-added iPad baseband install option to iPhone 3GS.
5. Removes UDID requirement/Beta timer in 5.0.1.
6. Tethered devices are booted via iBooty which is extracted to the Desktop after running sn0wbreeze.