This Jailbreak Supports The Following Devices:
iPod touch 3G
iPod touch 4G
You will need:
iOS 5.0.1 Firmware .IPSW (For Your Device)
This is a tethered Jailbreak meaning you will have to re-jailbreak every time your device turns off. Not the worst thing in the world.
Remember to BOOT TETHERED after you've went through the Redsn0w process once to avoid the white Cydia icon problem.
http://blog.iphone-dev.org/redsn0w-iOS5Jailbreak iOS 5.0.1 iPhone 4 & 3GS, iPod Touch 3 & 4, And iPad Tethered With Redsn0w [Windows & Mac]