Download Redsn0w 0.9.9b9d to jailbreak iOS 5.0.1 [Direct link]. a few days we showed you How to Jailbreak 5.0.1 Using Redsn0w 0.9.9B9 and a few Minute also we showed you How to Unlock iPhone 4 / 3GS on 5.0.1 with Ultrasn0w 1.2.5
iPhone Dev-Team released a RedSn0w update fixing an issue for old bootrom iPhone 3GS owners looking to install UltraSn0w 1.2.5. iPhone3GS owners in our comments section below noticed a problem with the untethered jailbreak available for the old-bootrom 3GS. We’ve corrected that problem in 0.9.9b9d.
If you have an old-bootrom 3GS and have already used last night’s redsn0w on it, you can re-run it again without losing anything.
Just use this new version, go to Extras->IPSW and manually select the 5.0.1 IPSW, then go back and Jailbreak it again (but you can uncheck Cydia because it’s already installed).
download Redsn0w 0.9.9b9d For Mac
download Redsn0w 0.9.9b9d For Windows