The iPhone Dev Team released download redsn0w 0.9.9b8 to jailbreak 5.0.1 on all iOS devices except iPhone 4S and iPad 2. The jailbreak is untethered for iPhone 3GS old bootrom and tethered for iPhone 4, 3GS, iPod touch 4G, 3G and iPad 1.
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).Download iOS 5.0.1 Public Release Final
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.
Download redsn0w 0.9.9b8: