as a rule newer is always better but info you need is always here!
http://blog.iphone-dev.org/post/14857834236/untethered-holidays
or to make it easier for those googled challenged. In bold apples to the the newest version of Redsn0w!
pdate #2: The b2 version of redsn0w includes the launchctl-related fix by @planetbeing as mentioned by @saurik here and here. As usual, you can just re-run redsn0w in jailbreak mode over your existing 5.0.1 jailbreak (even a PwnageTool one), making sure to de-select “Install Cydia” if you do. Always be sure to do a controlled “slide to power off” shutdown of your device before running redsn0w.
Update #3: The b3 version of redsn0w fixes a problem where re-running redsn0w over an existing jailbreak would cause MobileSubstrate-based apps to stop running until MS was installed again. Now you can re-run the redsn0w jailbreak step without worrying about that (but still remember to de-select the “Install Cydia” option if it’s already installed).
Update #4: The b4 version of redsn0w incorporates the 5.0.1 fix for iBooks, and also for sporadic problems with launchctl. Thanks to @xvolks for merging the iBooks (sandbox) fix from @comex’s github into the overall corona untether from @pod2g!
Update #5: redsn0w version b5 incorporates yet another fix for iBooks, this time involving DRM. @planetbeing wrote a utility called “crazeles” that overcomes jailbreak detection by iBooks that would cause about 10% of images to show incorrectly. This fix is similar to the “hunnypot” fix that @comex wrote for the 4.x jailbreak. As usual, you can choose to install the fix either by re-running redsn0w over your existing jailbreak (de-select Cydia if you do that), or by installing the corona package from Cydia (it’s the same set of files no matter which way you choose).
Updates #5b and #5c: Version b5b fixes an issue with using custom ramdisks on iPhone3G and iPod2G, and version b5c prevents redsn0w from crashing due to the ever-growing ramdisk size
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TIP: If auto-detection fails and redsn0w tells you no identifying data was found, you can always pre-select the appropriate 5.0.1 IPSW using “Extras->Select IPSW”.