Yesterday, Apple finally confirmed that some bugs were affecting battery life on iOS 5 devices. Apple has also seeded iOS 5.0.1 to developers of iOS developer program, which includes fix for battery life issues, iPad 2 smart cover security flaw and adds the multitouch gestures for iPad 1.
The goods news is that iOS 5.0.1 can be jailbroken using Redsn0w that Dev team had released for iOS 5.
Devs trying today’s 5.0.1 beta can JB with existing redsn0whttp://is.gd/6eek4Y (but select the 5.0 IPSW thru GUI or command line)
Just like iOS 5.0, Redsn0w only supports a tethered jailbreak (except for iPhone 3GS with older bootrom) for iOS 5.0.1 and won’t support iPad 2 or Apple’s new iPhone 4S.
Apple has stated that it will release iOS 5.0.1 in the next few weeks, but since it has already seeded developers with iOS 5.0.1, it is widely speculated that it could be released as early as this week.