Yes I Can!

How To Jailbreak iOS 5.0.1 / 5.0 On iPhone 4, 3GS, iPad And iPod touch 4G With Ac1dSn0w Beta 1

LinkShare Referral Program

LinkShare Referral Program
Step 1: You will need to download Ac1dSn0w for Mac and launch it.

Step 2: Connect your supported iOS device via USB with your Mac.

Step 3: Turn it off.

Step 4: Click on Show Assistant, follow on-screen instructions to enter DFU Mode.

Step 5: Once your device is in DFU mode, simply click on Jailbreak from Ac1dSn0w and let it do its thing.

Step 6: Your iOS device will reboot after jailbreaking.

Step 7: Put it into DFU mode again. Click on Tethered Boot from Ac1dSn0w to jailbreak tethered on iOS 5 or iOS 5.0.1.