Just moments ago Apple has released the iOS 5.0.1 Beta 2 to developers only ( just two days ago the Beta 1 was released) and to our relief it can be applied Tethered Jailbreak using the latest Redsn0w 0.9.9b8.
The report comes straight from eminent member of the iPhone Dev Community, MuscleNerd. In a Tweet made by MuscleNerd he has mentioned that the present Redsn0w 0.9.9b8 can be used to Jailbreak iOS 5.0.1 Beta 2.
The entire procedure remains the same but only while jailbreaking you will have to select the IPSW of iOS 5 or iOS 5.0.1 Beta 1. We surely can expect one more version of the Redsnow which will recognize the IPSW file of the iOS 5.0.1 Beta 2 directly.For the entire procedure and tutorial click here.
Although the Jailbreak available right now is just Tethered but you can also install a Cydia Tweak called SemiTether which allows you to boot into your device without having the need to connect to a PC having the Redsn0w installed. However there are certain limitations like all the Jailbreak Tweaks and Cydia wont be running and also many basic functions would be missing.
To know more about SemiTether click here.
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