iOS 5.0.1 was seeded to developers 2 days ago to address the iPhone 4S battery drain issue and other bug fixes. The cat and mouse game continues as the Dev Team also released an updated version of rednsn0w to jailbreak iOS 5.0.1.
If you are a developer and had downloaded and installed the latest iOS, you can jailbreak it using the Windows or Mac version of redsn0w 0.9.9b8 (download links below).
Quoted from the Dev Team:
“redsn0w version 0.9.9b8 will natively recognize the 5.0.1 beta that Apple let developers start testing this week (so you don’t have to play the “point at 5.0 IPSW” trick).
Because the IPSW isn’t public, you’ll still need to provide it once to redsn0w (at which point it will cache all the important pieces so you don’t need to select it again).
This is still a tethered jailbreak for all except old-bootrom 3GS users.”
Once you have the IPSW for iOS 5.0.1, simply point redsn0w to it to begin jailbreaking your device. Once the IPSW is public, the updated redsn0w should pick all the essential files automatically without the need to point it to the IPSW.
Download redsn0w 0.9.9b8 here: