Ac1dSn0w Released: Tethered Jailbreak IOS 5.0.1 (MAC)

Today PwnDevTeam Released a Jailbreak tool to give users a tethered jailbreak to idevices running IOS 5.0.1

Quote (PwnDevTeam):
I'm pleased to announce that we've just released Beta 1 of Ac1dSn0w for Mac OS X Lion (should also work on Snow Leopard). Ac1dSn0w allows you to jailbreak your iDevice tethered. It also provides features like Tethered Boot, Pwned DFU, and Exit Recovery to get your device out of Recovery Loop.

Download Here