It’s here, folks! The Dev Team just updated its famousRedSn0w jailbreaktool to version 0.9.9 beta 8 in order to bring compatibility withiOS 5.0.1 beta, which was released yesterday for developers.

We told you yesterday that RedSn0w was alreadyable to jailbreak iOS 5.0.1 beta, but it wasn’t completely flawless, as you had to point RedSn0w to the iOS 5 IPSW. MuscleNerd justconfirmedthat he has added iOS 5.0.1 beta keys to RedSn0w 0.9.9b8, making the jailbreak process this much easier…

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If you are anunlockerwho runs an iPhone 3GS or iPhone 4 and want to update while preserving your baseband, the Mac version of RedSn0w 0.9.9b8 will allow you to do just that, but note thatUltraSn0wmay or may not work on iOS 5.0.1 beta as it hasn’t been updated yet, and probably won’t until 5.0.1 goes public.

redsn0w version 0.9.9b8 will natively recognize the 5.0.1 beta that Apple let developers start testing this week (so you don’t have to play the “point at 5.0 IPSW” trick). Because the IPSW isn’t public, you’ll still need to provide it once to redsn0w (at which point it will cache all the important pieces so you don’t need to select it again).

For those 3GS and i4 users who preserve their baseband, the Mac version can also produce the NO_BB_* custom IPSWs for 5.0.1. (But please note that ultrasn0w doesn’t get updated for betas like this.)

Of course, thejailbreakis still a tethered one unless you have an iPhone 3GS old bootrom, or run thesemitether jailbreakapp—and it will not work with the iPhone 4S and the iPad 2.

You candownload the latest version of RedSn0wfrom our download section, and refer to ourRedSn0w tutorialfor more details about the process.