Steps How To Unlock and Jailbreak iPhone4 on i0S 5.0.1 baseband 4.10.1 With Gevey Ultra!..
To check what’s New in iOS 5.0.1 visit this
1) Backed up via iTunes 10.5.1 before starting.
2) Used Redsn0w 9.10.b4 to created custom 5.0.1 firmware with preserved 4.10.01 baseband.
3) Restored CFW(Custom Firmware File ) via iTunes 10.5.1
4) Rebooted and activated; setup with iTunes backup
5) Jaibroked with RedsnOw 9.10b4 and installed Cydia.
6.)Go to Cydia-Manage-sources-add source-http://cydia.furiousmod.com/.(furiousmod 2 is official app from gevey.com)
it will Look like:-
7.)Reboot Device and Wait for 20-30 sec signals Will appear..If not Dial 112 and do airplane mode on.
8.)Go to Cydia–Manage-sources-add source-http://repo.bingner.com/, then search SAM and install it.
9.)Go to SAM-utilities-re-store activation-revert back to factory settings and then go to More information, here your activation should be Wildcard Activated or after SAM connect your iPhone with iTunes for wildcard activation.
it will look like:-