You can jail break your iPod Touch 4G/3G untethered running ios 5.0.1 using these three simple steps. You have to first ensure that your iOS is upgraded to 5.0.1 if you don’t know go to Settings —-> General —-> Info and check version. If it is not updated upgrade using iTunes.
You can jailbreak iPhone4 and iPad 1 also using this tutorial.
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Steps to jailbreak 5.0.1 on iPod Touch untethered using RedSn0w 0.9.10b3. (Please read complete before starting jail break).If your iPod Touch is already jailbroken tethered you need to go to Cydia —-> Search —-> Type “Corona 5.0.1 Untether” and install it your device will become untethered.
1. Download RedSn0w 0.9.10b3 by clicking below links. Extract the zip file to your desktop.
2. open the downloaded and extracted folder and double click the RedSn0w.exe file as shown below:
3. Click Jailbreak and Install Cydia on next screen.
4. Now connect your iPod Touch to computer and turn it OFF, Now click Next.
5. Follow the screen instructions as shown on next screen (see below image). Your iPod will go in DFU mode automatically.
6. On next screen you will be given option of “Install Cydia” keep it checked and press next. Remaining process will happen on your iPhone4 and it will restart jailbroken. (If it freezes/stucks on black screen with white text on it don’t worry, press both power and Home buttons for few seconds until your iPod Touch restarts. Hope this will be OK and jail break is done).