If you're a developer and you've taken the plunge to update to iOS 5.0.1 beta, we confirmed earlier that you can jailbreak the bleeding edge firmware.
Now we'll show you how to jailbreak iOS 5.0.1 on video using RedSn0w. You will need your iOS 5.0 firmware, since RedSn0w has not been updated to recognize 5.0.1 yet.
Other than that small little detail, jailbreaking iOS 5.0.1 with RedSn0w is a cinch...