Whatever, if you facing any problem after the updating and jailbreaking by Redsn0w {to restore your device from the previous backup, and because you love direct steps, here is the easy steps to follow:
Step 1: restore your iPhone using iTunes.
Step 2: Download the latest release of redsn0w and follow this step by step tutorial to jailbreak your iDevice on iOS 5.0.1 HERE.
Step 3: Install SAM on your iPhone
Step 4: Activate your Phone using SAM, See the Video below.
Step 5: Connect your iDevice with iTunes, it will ask you either to restore from a previous backup or set up your iPhone as a New device.
Any comment? OR Thanking?