iOS 5.0.1 For iPhone, iPad, iPod touch can be jailbroken with Redsn0w

For the jailbreakers among you, you'll be happy to hear that iOS 5.0.1 for iPhone, iPad, and iPod touch can indeed be jailbroken with Redsn0w. RedmondPie has tested and confirmed that Apple's latest version of iOS 5 can be tether-jailbreaked by using the latest version of Redsn0w. Redmond does note that the "SemiTether" patch continues to work, but iOS 5.0.1 "will not function to a satisfactory degree" on devices using SemiTether until users connect to Redsn0w on a Mac or PC.

Jailbreaking is best left to the more experienced, tech-savvy users, but if you're feeling adventurous, RedmondPie has all the details on how to jailbreak your Apple device running the very latest iOS release.