http://jailbreak-ios-5-final.blogspot.com/2012/01/jailbreak-iphone-4s-ios-501.html
The download for the tool version for Mac + Windows are on the site above.
This video demonstrates how to: Jailbreak your iPhone 4S and/or iPad 2 on iOS 5.0.1 with the newest jailbreak tool called Absinthe.
