I own a iPad2 and tried to update to 5.0.1 through wifi, but after the update is downloaded it is struck at "verifying the update" while installation. And i am not able to download apps through iTunes store also it is struck at 'waiting'.

Is there some problem with my iPad? Do i need to re install the complete OS again?

Me too . Have tried on 4 different occasions today, from my desktop and laptop pcs. I've tried wi-fi download of ios5, then a hardwire Ethernet connect to my pc. I've disabled my pc firewalls, in short everything I can reasonably think of, but each time having completed the download after 45 mins it fails on a 'network timeout' error. HELP! Please.

I removed the wifi router and directly connected the ethernet cable to my PC, now iTunes is working fine and i am able to download apps through iTunes in my PC. There seems to be some problem with my router, do i have to reset it?

Originally Posted by sksathwik

I removed the wifi router and directly connected the ethernet cable to my PC, now iTunes is working fine and i am able to download apps through iTunes in my PC. There seems to be some problem with my router, do i have to reset it?

Possibly. If you're using Windows and have a Virus Protection program try turning it off.

More tips on upgrading here:

iOS 5 Upgrade Troubleshooting