iPhone Dev Team has released a major Redsn0w update [Redsn0w 0.9.10b7], the update is out through the well known iPhone hacker and developer MuscleNerd.

Redsn0w 0.9.10b7 [Jailbreak iPhone 4S, iPad 2] On 5.0.1 Untethered: From the Dev Team Official Blog:

Version 0.9.10b7 of redsn0w adds a collection of useful features: It finally implements the corona-A5 jailbreak for iPhone4S and iPad2 devices still at 5.0.1. It can also re-install that jailbreak for those who accidentally uninstalled the untether. When stitching an IPSW, it can now grab your blobs directly from Cydia. It now shows a lot more info about your device (for instance, whether your iPhone3G has the vulnerable baseband boot loader, or whether your iPhone3GS has the old exploitable bootrom. (And the next new feature to be added will be built-in restore support, to provide an alternative to iTunes restores.)

Download Redsn0w 0.9.10b7 To Jailbreak iPhone 4S, iPad 2 Running iOS 5.0.1 Untethered.

Here you are the Redsn0w 0.9.10b7 download links to Jailbreak iPhone 4S & iPad 2 Running iOS 5.0.1 Untethered:

Download redsn0w 0.9.10b7 for OS X
Download redsn0w 0.9.10b7 for Windows (be sure to run in Administrator mode)

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