Thanks to the longstanding hardware exploit, it only ever takes a few tweaks here and there to get the latest iOS releases tether jailbroken on most devices. Here's the 5.0.1 version, using redsn0w.
As usual, this version doesn't include the iPad 2 or iPhone 4S, but it's a start for anyone who's been having enough battery issues with iOS 5 to be craving 5.0.1's improvements. You'll have to keep an eye out for an untethered release, but this is a good start. [RedmondPie]