This is official jailbreak 5.0.1 release from IH8SN0W. This is tethered jailbreak 5.0.1 for iPad with old bootrom.

===============================
sn0wbreeze v2.8 [BETA 11]:
===============================
* Supports iOS 5.0 (9A334)/5.0.1 (9A405)
* Fixed iBooks sandbox crashing issues (as of 2.8b9).
* Fixed location services issues with iPhone 3GS
users running the iPad baseband (as of 2.8b9).
* Re-added iPad baseband install option to iPhone 3GS.
* Tethered devices are booted via iBooty which is
extracted to the Desktop after running sn0wbreeze.
===============================
Tethered?
===============================
- iPhone 3GS (old bootrom)…NO
- iPhone 3GS (new bootrom)..YES
- iPhone 4 (GSM)…………YES
- iPhone 4 (CDMA)………..YES
- iPod Touch 3G………….YES
- iPod Touch 4…………..YES
- iPad 1G……………….YES
===============================

************************************************
** iPhone 3GS iPad baseband (06.15.00) users: **
************************************************
- Re-flash the iPad baseband via sn0wbreeze
if you restore(d) to a stock 5.0 firmware.
************************************************

Now available at: LINK

// iH8sn0w