This update to redsn0w helps to correct the launchctl-related fix by @planetbeing as mentioned by @saurik. As usual, you can just re-run redsn0w in jailbreak mode over your existing 5.0.1 jailbreak.
Here are the step to utilize redsn0w 0.9.10b2 for your iPad or iPhone:
Step 1: Download redsn0w 0.9.10b2 for Windows (here) and Mac (here)
Step 2: After you've completed the download, run redsn0w 0.9.10b2 by double clicking the redsn0w.exe file in the RedSn0w folder.
Step 3: Click the 'jailbreak' button and install Cydia on your iPad. For iOS 5 Beta: Choose 'Select IPSW' to jailbreak iOS 5 beta firmware
Step 4: Ensure your device is off and plugged in, follow the steps to put your iPad into DFU mode in redsn0w.
Step 5: While in DFU mode, redsn0w 0.9.10b1 will begin to jailbreak your iPad. It is best to not interrupt it or use your computer during the jailbreak.
As before, firmwares above iOS 4.3.3 you will need to use the "just boot" button to jailbreak your iPad each time it loses power. But at least your iPad is still jailbroken.