Redsn0w

How to Jailbreak iOS 5.0.1 Untether with

 RedSn0w (Mac users)

Step 1: Download RedSn0w 0.9.10b1.

Step 2: Plug your iDevice in and put it in DFU mode.

Step 3: Launch RedSn0w and click on “Jailbreak” and select “Install Cydia”.

Here is a video for how to put your iphone to DFU mode and jailbreak