MuscleNerd has spoken. The Dev Team front man has tweeted that the latest version of RedSn0w will in fact jailbreak the just-released iOS 5.0.1 beta 2.
The jailbreak is still tethered, and you'll need to point RedSn0w to the iOS 5.0/5.0.1 IPSW to perform the jailbreak for the time being...