How to Downgrade from iOS 5.0.1 to iOS 5.0
First, download iH8sn0ws Sn0wbreeze Tool.
Then download 5.0.1 and 5.0 firmware for your Apple Device.
Now open Sn0wbreeze and create 2 custom firmwares one for 5.0 and one from 5.0.1.
Open Winrar and navigate into the 5.0 IPSW.
In there there are 2 .dmg files in there. Move both to your Desktop.
Once that is done, leave the 5.0 ipsw and navigate into the 5.0.1 custom Firmware.
In there you will see two dmgs, too. copy their names into a text file, and mark the name of the bigger one. Then delete them.
On the Desktop, where you have saved your dmgs in, locate the biggest one (about 700mb). rename the bigger one as the previous one was called. (the name you marked)
Also rename the smaller one as the smaller file in the 5.0 IPSW was called.
Now leave the IPSW, put your Device into PWNED DFU (Snowbreeze) and click shift restore in iTunes
Select the Patched IPSW and restore.