Am I imagining things, or did iOS 5.0.1 beta 1 just drop a few days ago? Now we already have iOS 5.0.1 beta 2?

Either way, it’s no big deal for jailbreakers, because as noted, iOS 5.0.1 beta 2 can be jailbroken using the latest version of RedSn0w.

Inside, we’ll show you how to do so on video…

[tube]http://www.youtube.com/watch?v=DZfNlnv1BKc[/tube]

How to Jailbreak iOS 5.0.1 Beta 2

Step 1: Download iOS 5.0.1 beta 2 (developers) and ensure you have either the public iOS 5.0, or iOS 5.0.1 beta 1 available as well. You can get iOS 5.0 from our downloads page.

Step 2: Open RedSn0w 0.9.9b8 (download here) and select Extras > Specify Firmware > and point it to the iOS 5.0.1b1 or iOS 5.0 firmware. It should identify the firmware without error.

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 jailbreak, but your Cydia icon will be white due to it being a tethered jailbreak. Place your device back into DFU mode.

Step 5: Again, from RedSn0w’s main page, select Extras > Specify Firmware > and point it to the iOS 5.0 firmware. It should identify the 5.0.1b1 or 5.0 firmware without error.

Step 6: Select “Just Boot” from RedSn0w’s Extras menu, and it should perform a tethered boot on your device.

Notes: This is a tethered jailbreak. You must use RedSn0w 0.9.9b8 in order to identify with 5.0.1b1 firmware. Also, please keep in mind that if you are jailbroken, you cannot use OTA updates. You will have to restore from scratch in order to update to the latest beta firmware.

Have you jailbroken iOS 5.0.1 yet? What do you think about Apple’s quick turnaround time for release?

For more in-depth details on RedSn0w, head over to our dedicated RedSn0w page.