This is a Video on how to make your Tethered Jailbreak on IOS 5.0.1 from using the previous Redsn0w, to Untethered.
Step 1: Take your IDevice and go into Cydia, and go to the search tab and search Carona 5.0.1 Untether.
Step 2: Hit install and allow it to install and Finish. After that press the Restart Springboard tab
Step 3: If you have problems just reboot the phone by holding the menu button and power button and reboot your device.
Congratulations you now have and Untethered Jailbreak on IOS 5.0.1