By Following these steps you will able to Jailbreak
Step 1 – Connect your device, sync it with iTunes then restore to iOS 5.0.1
Step 2 – Now Open Redsn0w, click on Extras (Not Jailbreak), then select IPSW and point it to iOS 5 IPSW Firmware file.
Step 3 – Now hit back, then click on Jailbreak and check on “Install Cydia”
Step 4 – Now Follow the on-screen instructions to get your Device into DFU Mode.
This is a Tethered Jailbreak, not the Untethered One, so you’ll need to reboot every time you need to tethered boot.
iOS 5.0.1 Tethered Booting
Step 1 – Open Redsn0w, hit Extras then “Just Boot”
Step 2 – Now Hit Next and then follow the on-screen instructions to get into DFU Mode.
That’s it you have Successfully Jailbroken 5.0.1 on iPhone, iPad and iPod Touch, and if you have already got a Developer account to Download iOS 5.0.1 IPSW Firmware.