An updated version of Redsn0w (0.9.9b8) has been released for the download by the Dev Team or the iPhone Dev-Team. This version can be helpful in jailbreaking iOS 5.0.1 on your iPhone ,iPad and iPod Touch devices. If you haven’t downloaded the iOS 5.0.1 beta yet, download it from the link given below !

Free Download Apple iOS 5.0.1 Beta Update For iPhone 4S (4)(3GS),iPad 2,iPod Touch 4G  

Though iOS 5.0.1 beta didnt bring us any great features that are something new but it still does fixed many bugs and came up with other performance tweaks.The most bothered issue for the iPhone is the battery draining and this update can fix that issue for you.So once you are finished with upgrading your idevice with iOS 5.0.1 beta you are ready to jailbreak it using Redsn0w latest version v0.9.9b8,which is the most well-know tool for jailbreaking.Let me explain the process involved , in a simple way to you. Once you are done with the download of iOS 5.0.1 beta , you just need to point redsn0w to it. Then you can easily start with the rest of  jailbreaking process which you might have known already !

Also See :

[How To] Downgrade iOS 5.0.1 To (4.3.3,4.3.4,4.3.5,5.0) On iPhone 4, 3GS, iPad 2/1, iPod touch

Download Redsn0w 0.9.9b8 Update for free – Direct Download Links