The dev team has released a new version of Redsn0w 0.9.9b8. The new version allows to jailbreak iOS 5.0.1, released by Apple yesterday, tethered on iPhone, iPad, and iPod Touch. Plaease remember this jailbreak doesn’t work on iPhone 4S or iPad 2.

This jailbreak is a tethered one which means you`ll have to connect your device to the PC every time you reboot.
Full changelog:

Update #16: redsn0w version 0.9.9b8 will natively recognize the 5.0.1 beta that Apple let developers start testing this week (so you don’t have to play the “point at 5.0 IPSW” trick). Because the IPSW isn’t public, you’ll still need to provide it once to redsn0w (at which point it will cache all the important pieces so you don’t need to select it again).

For those 3GS and i4 users who preserve their baseband, the Mac version can also produce the NO_BB_* custom IPSWs for 5.0.1. (But please note that ultrasn0w doesn’t get updated for betas like this.)

This is still a tethered jailbreak for all except old-bootrom 3GS users.

Here`s the download links for iOS 5.0.1.

Here`s the full guide to jailbreak using iOS 5.0.1

Download links for Redsn0w 0.9.9b8:
Download RedSn0w 0.9.9b8 for Mac
Download Redsn0w 0.9.9b8 for Windows

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