Doing jailbreak is good for iPad?
Welcome to the forum, Nikith... it depends on what you need out of your ipad?
Check the official Jailbreak Thread created by one of our Super Moderators: F4780y. This should answer most of your questions.
Official iPad2 Jailbreak Thread
But I want help for ipad1 iOS 5.01
That was about iPad2 iOS 4.3.3
Take a look at this thread:
Then, if you decide jail breaking is for you - to jailbreak your iPad1 on version 5.0.1, see this thread (note that redsn0w is currently the only available jailbreak for the iPad1 on iOS 5.0.1): TUTORIAL - Jailbreak iPad1 on IOS5 using redsn0w
Hope this helps. Good luck and let us know how you get on.
P.S. Since this thread is about jailbreaking, I've moved it over to the Hacking section. Cause it sure as heck doesn't belong in the Poll section! :