Is there any way to safely jailbreak an iDevice having the iOS 5.0.1 on it? I know a jailbreak is never going to be 100% trustworthy but there's a certain level of acceptance when some experienced users try it and those who are not, can go give it a shot. Thank you.
It appears that a jailbreak has been developed for non-A5 iDevices running iOS 5.0.1, but no jailbreak yet exists for the iPad 2 and iPhone 4S, which use the A5 chip.
Note that this is a rather localized answer; it seems quite likely that a jailbreak will eventually be developed, but as of January 2, 2012, this seems to be the state of things.