Sure, the jail break is out and working. And, iOS 5.0.1 is still the most current Apple version, so it's still good, also. In fact, if you want to EVER jail break, moving up to 5.0.1 should be done ASAP (before Apple releases a new firmware and you can no longer load 5.0.1).
Have a stroll over to here:
http://www.ipadforums.net/jailbreak...-tutorial-jailbreak-ipad2-5-0-1-absinthe.html
f4780y's tutorial will tell you all you need to know to get that thing jail broke.
Two things I must add:
1) You must be on iOS 5.0.1 to do this jail break - so upgrade first
2) After you upgrade to iOS 5.0.1, don't restore from a backup - restore as new. This is because the jail breaking tool out there, Absinthe, works best on an iPad that's as close to empty/new as it can be. And, that's where you'll be right after your upgrade
* Because, you'll want to do a full backup FIRST before upgrading to iOS 5.0.1 - and you can restore from backup after doing the jail break
Good luck and have fun.
Marilyn