Here are step-by-step tutorials that will guide you through all the process of jailbreaking iOS 5.1 and iOS 5.0.1 with sn0wbreeze, redsn0w, pwnagetool and absenthe:
iH8Sn0w has released Sn0wBreeze 2.8b11 with support of recently released iOS 5.0.1 firmware.
As usual the jailbreak is semi-tethered for iPhone 4, iPad, iPhone 3GS with new bootrom, iPad Touch 3G, iPod Touch 4G and untethered for iPhone 3GS with old bootrom.
Sn0wBreeze 2.8b11 will create a custom firmware with jailbreak and preserve modem version for unlock. Unlockers will also be able to flash 06.15 iPad modem for unlock.