Today it is a very special day in Jailbreak history, because just right now the much-waited untethered jailbreak for iOS 5.0.1 has been released based on pod2g’s discovered exploit. Since the links for Redsn0w and GreenPois0n jailbreak tools are not ready yet, there’s an alternate method to do the untethered jailbreak.
iOS 5.0.1 Untethered Jailbreak Supported Devices
Download Redsn0w 0.9.10b3 for Mac and Windows
Still iPhone 4S + iPad 2 doesn’t have a jailbreak.