2. Hit “Jailbreak” and enter DFU mode by following these easy steps:
a. Hold down the power button for 3 seconds
b. Continue holding the power button and start holding the home button and continue HOLDING BOTH for 10 seconds
c. Let go of power and continue holding home button until Redsn0w starts to exploit your device
3. Select install Cydia and any other options you want (except “Install custom bundles”)
4. Wait for it to finish and reboot (the video shows how long the process takes)
You now have an untethered Jailbreak on iOS 5.0.1!