Steps to take:
1. Backup your iDevice through iTunes.
2. Restore your iPhone, iPod, iPad in iTunes using the IPSW file you downloaded from the link above. If you don’t know how to restore your device, check out the guide here: How To: Manually install and restore iPhone/iPad/iPod IPSW files
3. Assuming you’ve already downloaded Redsn0w (link above), open it, select “extras” and “select IPSW” and go to the iOS 5.0.1 IPSW file you’ve just downloaded (and used in step2)
4. Click on “Jailbreak”, and next select the option “Install Cydia”
5. Next, You’ll need to follow the instructions Redsn0w gives you, to get your iPhone or iPad into DFU mode
6. When Redsn0w now tells you it is finished, your iPhone will be rebooted, and you will be the proud owner of a Jailbroken iOS 5.01 iPhone!
Have fun with it!
Disclaimer: Do note that you always jailbreak your iPhone on your own responsability. iCan’t Internet is only giving you a way how you can do it, not telling you you should do it!
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