Below are the steps to jailbreak your iDevice with Greenpois0n Absinthe:
Step 1: First connect the iPhone 4S or iPad 2 with your PC via USB and open iTunes to restore to iOS 5.0.1.
Step 2: Next, download Greenpois0n Absinthe and unzip to run the file.
Step 3: Connect the iDevice again via USB to your PC.
Step 4: Click on the “Jailbreak” button and follow the steps that will appear on the Greenpois0n screen.
Step 5: When successfully completed, there should be an Absinthe icon on the Homescreen. Just tap the icon and it will open the Greenpois0n page. This will be followed by a reboot of your device.
Step 6: When it completes the loading, the Cydia icon will replace the previously acquired Absinthe icon. This is a sign that your iDevice has been successfully jailbroken (untethered 5.0.1).
Here are the required download links to jailbreak your iDevice:
iOS 5.0.1 ipsw for iPad 2 – download it here or here
iOS 5.0.1 9A406 ipsw for iPhone 4S
Greenpois0n Absinthe for Mac (Different Mirror Link)