This post shows you how to jailbreak every iPhone, iPod Touch and the first generation iPad on official release of iOS 5.0.1 using redsn0w for windows. It does not work for the iPad 2 or iPhone 4S.
2. Right click Redsn0w and set compatibility to windows XP (service pack 2) if you are on Windows 7 or Windows Vista and run as administrator.
3. Connect your iDevice to the Computer and turn it off; after you have done this run Redsn0w (If it isn’t already connected).
5. Put your iDevice into DFU mode by following these steps:
I. Hold down the power button for 3 seconds
II. Continue holding the power button and start holding the home button and continue HOLDING BOTH for 10 seconds
III. Let go of power and continue holding home button for 20 seconds (or until Sn0wbreese starts to run recognize your iDevice).
7. Wait for it to finish.
8. You are now jailbroken, may the jailbreak force be with you!
• If you get an error message TOWARDS THE END of your restore you will have to use TinyUmbrella to kick it out of recovery mode. Download TinyUmbrella here.
• If you get iTunes 3194 error locate c:\windows\system32\drivers\etc\hosts delete any line with gs.apple.com or check out this post for assistance.