Recently released iOS 5.0.1 Beta 2 can be JailBroken using previously updated Redsn0w 0.9.9b8. All you need to do is to just point out either iOS 5.0.1 Beta 1 or iOS 5 final. As per the official sources, Apple is being ruthless with betas. That’s why we cannot simply browse the latest beta into Redsn0w for the JailBreak process.
Similar to all other iOS 5 JailBreak, it would remain tethered. Though you can make it semitethered by downloading Semi-tethered package from BigBoss repository. It is linked up with mobile substrate, so many features out there would work. However, i’m not sure if App Sync has been updated to work with semi-tethered package. Earlier, it used to mess up with the system files deeply.
iOS 5.0.1 Beta 2 is currently available to developers. So, if you are not a developer, you don’t need to bother about the JailBreak. Just keep using the iOS 5 final until it becomes public. Like previous version, you also make a custom firmware but ultrasn0w has not been updated yet for the unlock. Let’s know in the comment section for any doubts.