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Few days back, iPhone Dev team released a new version of Redsn0w - Redsn0w 0.9.9b9d, which added native support for iOS 5.0.1 and also added the ability to create custom iOS firmware file for Windows users to they can upgrade to iOS 5.0.1 without updating their iPhone's baseband.
In this guide, we will take you through the step by step procedure to jailbreak iPhone running iOS 5.0.1 without updating the baseband using Redsn0w.
Here are some important points to note before you proceed.