Download Redsn0w 0.9.10b3: Download Redsn0w 0.9.10b3 from the links provided below.
Extract all the wp-content/uploads.
Open the extracted folder and from there execute the redsnow application.
Now, you have to set your gadget into DFU mode, for this track on screen commands.
a. Press power button for 3 seconds.
b. Now for 8 seconds press home button without releasing power button.
c. Release power button for about 15 seconds but don’t release home button.
Now, redsnow will arrange the jailbreak data and will do remaining process, you will be alerted when redsnow is completed.
After that a new screen will emerge, choose install cydia from accessible options and click next. Your gadget will reboot yet again and after that it will start loading new RAM and kernel data.
As all is completed you will be alerted and again your device will reboot. In about 4 minutes your gadget will boot up untethered jail broken on ios 5.0.1 together with Cydia installed.
For Users Who are Already On tethered Jailbreak ios 5.0.1:
If you had previously executed tethered jailbreak on your gadget by snowbreeze or Redsn0w then there is an easier method to transfer your gadget to untethered jailbreak.
Visit cydia and look for "Corona" a free package, after finding this package install it and your gadget will restart with untethered jailbreak.