Apple released iOS 5.0.1 to the public today, and with it comes the need to jailbreak. Fortunately, we’ve got that need covered using the latest version of RedSn0w 0.9.9b8.

Keep in mind that many are warning those wishing to jailbreak to stay away from iOS 5.0.1 — especially iPhone 4S owners and those who have no way to downgrade firmware back to a prior version.

This is a tethered jailbreak, so those wanting untethered only need not apply. But if you’re happy to use tethered to hold you over until then and if you’ve read all of the warning labels, check out our video tutorial that shows your how to jailbreak iOS 5.0.1 inside…

How to Jailbreak iOS 5.0.1 Final

Note: You will need iOS 5.0 firmware (download here) to jailbreak with RedSn0w 0.9.9b8. This should be remedied with the next RedSn0w update (presumably RedSn0w 0.9.9b9)

Step 1: Install 5.0.1 Final.

Step 2: Open RedSn0w 0.9.9b8 (download here) and select Extras > Specify Firmware > then point it to the iOS 5.0 firmware IPSW.

Step 3: Go back to the main screen of RedSn0w and place your device into DFU mode. Click Jailbreak, and then select Install Cydia.

Step 4: Your device should then jailbreak, but note that your Cydia icon will be white because it is a tethered jailbreak. To boot tethered you will need to place your device into DFU mode again.

Step 5: From the main RedSn0w page, select Extras > Specify Firmware > and point it to the iOS 5.0 IPSW.

Step 6: Choose “Just Boot” from RedSn0w’s Extras menu, and it will perform a tethered boot.

iOS 5.0.1 Final should now be fully jailbroken. If you’re in need of a more in-depth RedSn0w guide, venture over to our RedSn0w page.

Are you planning on jailbreaking your iOS 5.0.1 installation? Tell us why below.