The head honcho over at the Dev Team, MuscleNerd, has just confirmed that the latest version of RedSn0w will jailbreak the newly released iOS 5.0.1 beta 2.
The jailbreak is obviously still tethered, and you will need to point RedSn0w to the iOS 5.0/5.0.1 IPSW in order to perform the jailbreak properly.
You can download the latest version of RedSn0w and the iOS 5.0.1 Beta 2 IPSW files from our Downloads page.