As you know, earlier this week Apple seeded to developers iOS 5.0.1 beta and the Dev-Team has now upgraded its popular redsn0w tool that will allow you to jailbreak it.

This updated version of redsn0w 0.9.9b8 will natively recognize the iOS 5.0.1 beta, but since the IPSW isn’t public, the Dev-Team says that you’ll still need to provide it once to redsn0w.

redsn0w 0.9.9b8 will give you a tethered jailbreak for all supported devices, except for iPhone 3GS old-bootrom which is untethered.

The devices supported are iPhone 4, iPhone 3GS, iPod touch (3rd and 4th generation) and iPad (1st generation).

If you need to follow a tutorial for the jailbreaking process, we have one here.

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