It has been confirmed that Redsn0w 0.9.9b8 can jailbreak iOS 5.0.1 Beta 2.
Now, if you running the beta you can enjoy the jailbreak goodness. It is tethered but if you add the Semitether tweak you’ll be fine.
You will need to jailbreak to a 5.0 or Beta 1 .IPSW file in Redsow for it to work as Beta 2 was released OTA.
You do that at your own risk and MriOSDevices will not be liable if things go wrong with you’re iDevice.
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