iOS 5.0.1 Jailbreak tutorial

The latest version of Redsn0w, which is 0.9.9b8, can tether jailbreaking the iOS 5.0.1. However, before proceeding, there are a few points users must be aware of.
In a recent tweet, iOS hacker @pod2g warned users saying that those still waiting for an untethered jailbreak for iOS 5, should not upgrade to iOS 5.0.1.
"Note about 5.0.1: don't update if you plan on jbking : the bug Charlie MILLER found can simplify exploits dramatically and will be closed," he tweeted.
According to reports, no method has been figured out yet to downgrade to iOS 5. Hence, if you upgrade to iOS 5.0.1, you might lose the chance of a potentially untethered jailbreak for iOS 5.
For those who already have iOS 5.0.1 running on their devices and wish to jailbreak iOS 5.0.1, here are the steps:
Read more (Video tutorial inside)...