iPhone 4 iOS 5.0.1 4.11.08

[asdf212]

What are my options to Jailbreak?

 

[Crystal-RX]

What are my options to Jailbreak?

You can untethered jailbreak this phone with latest redsn0w 0.9.10b3, but not unlock.

 

[noiceT]

What are my options to Jailbreak?

http://blog.iphone-dev.org/post/14857834236/untethered-holidays

 

[asdf212]

Does this mean I need to go through redsn0w every time I need to start up the phone?

 

[zaxdude]

Does this mean I need to go through redsn0w every time I need to start up the phone?

if you don't even know the difference between a tethered jailbreak and an untethered jailbreak you shouldn't be attempting to jailbreak at all.

but to answer your question, and as the poster above you already stated -- 5.0.1 can be jailbroken untethered through redsn0w.