Apple released iOS 5.0.1 beta 2and iOS 5.0.1 beta 3 to fix the battery issue so if you have upgraded your iPhone ,ipod touch and ipad with iOS 5.0.1 beta 2 then you can still jailbreak it using the Rdsn0w 0.0.0 b1o so follow up the links and guide to jailbreak your iDevices.
How to jailbreak iPhone 4,iPhone 3gs,iPhone 3G,ipad 1,iPod touch 3G,iPod touch 4G with Redsn0w 0.9.9 b10 with video tutorials
How to Jailbreak iOS 5.0.1 Beta 2 using Redsn0w 0.9.9 b10
Step 1: First of all get your iOS 5.0.1 beta 2 or iOS 5.0.1 beta 3 or iOS 5.0.1 beta 4 as required from the download links of your developers account from here.
Step 2: Download RedSn0w 0.9.9b10 from the links below and select Extras > Specify Firmware > and point it to the iOS 5.0.1b2 or iOS 5.0 b3 and iOS 5.0.1 b4 firmware. It should identify the firmware without error if you have been doing things correctly.
Step 3: Now Follow the steps provided as you need to go to DFU mode and then click on Jailbreak, and then select Install Cydia.
Step 4: Now follow the process and you will have jailbroken your iPhone but since this is a tethered jailbreak your Cydia icon will be white in color so get your iPhone device back into DFU mode.
Step 5: Now specify to select Extras > Specify Firmware > and point it to the iOS 5.0 firmware from Redsn0w .
Step 6: Select “Just Boot” from RedSn0w’s Extras menu, and it should perform a tethered boot on your device.
Its done and you have jailbreoken iOS 5.0.1 using Redsn0w 0.9.9 b10
Download iOS 5.0.1 beta 2 from Apple
Download Redsn0w 0.0.0 b10