Thanks to Chronic development team and iPhone Development team who have released the latest iOS 5.0.1 jailbreak with the help of pod2g. This release is 0.9.10 beta 1 version of RedSn0w and very easy to install and jailbreak. If you are having following devices running on iOS 5.0.1 you can jailbreak using your computer. Download RedSn0w by clicking below link and visit my article How to Jailbreak iOS 5.0.1 Untethered iPhone 4, 3GS, iPad, iPod Touch 4G, 3G for step wise guide. You can also watch the video at the same page before starting the jailbreak process.
If your device is already jailbroken with older versions of RedSn0w it means it is tethered and needs upgrade. Just run Cydia go to Search and Type Corona 5.0.1 Untethered Tap it and select Install and then Confirm. Within few seconds it will download the upgrade and your device is jailbroken untethered.
The supported devices are as under (should be running latest version of iOS i.e. 5.0.1)
iPhone 4 (CDMA)
iPod Touch 4G
iPod Touch 3G