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Limera1n Download NOW !!!
Update 2 : Now that the copyright code issue is resolved the link is back up with the new updated beta 2 link, same instructions as before.
Update : So apparently this software uses some copyright code which we do not promote around here. We’ve pulled the link for now until they update the software and remove the copyright code. You can of course still use Redsn0w and Sn0wbreeze to jailbreak your device on 5.0.1 or 5.0
A new jailbreak tool has surfaced today, called Ac1dsn0w. We’ve already seen the 5.0.1 jailbreak demonstrated using Redsn0w and Sn0wbreeze, however this new tool simplifies the 5.0 and 5.0.1 jailbreak process into 2 simple steps. This jailbreak is tethered and supports the iPhone 3GS/4, iPod Touch 3G & 4G, and the first generation iPad. No firmware downloads required.
Here is the step by step.
note : this will only work on the mac, you must be already on 5.0+ iOS firmware
Step 1. Download the tool from the top right corner.
Step 2. Extract to your desktop and start it up
Step 3. Put your device into DFU mode, watch video below if you don’t understand
Step 4. Hit jailbreak on the app and let the device do its thing and then reboot
Step 5. Now you need to boot tethered, again put your device into DFU mode, this time hit the tethered boot option
Thats it, nice and quick.
Now that you are jailbroken. Your next step is to add some cydia sources & cydia apps. We have a great cydia sources list that you can find here. Also don't forget to check out some of the coolest cydia apps in our new app section. If you need help adding a cydia source click here for a video how-to.Don't forget that you can follow us on Twitter or join our Facebook fanpage to get the latest information and guides for all iPhone, iPad, iPod Touch, & AppleTV jailbreak tools.

