Just a few days after Christmas and it's here the long-awaited iOS 5.01 Jailbreak!
I have personally completed the process and Jailbroken my iphone! A big smile now on my face... It's been a long wait!
It doesn't take long at all especially if you have iOS 5.01 already installed.
The jailbreak is simply done using Redsn0w 0.9.10b1 which is available for both Windows and Mac.
The link below provides a step by step guide to the process. There are talks about installing Siri but it seems like a long process so I won't bother!
29/12/2011 Updated Jailbreak Software - Now Available from Redsn0w
If you are experiencing problems with launchtl, the following is a fix from Redsn0w.