Here is a quick tutorial with the details for jailbreaking your iPad in iOS 5.0.1. This is an untethered jailbreak via redsn0w 0.9.10b1 from the iPhone Dev team. I sped the video up a little bit to keep in around 5 minutes. The hardest part is probably getting your iPad into DFU mode, which is pretty easy after you get the hang of it.
This tutorial isn't very complicated, drop a comment if I missed anything. Now you are ready to enjoy Cydia on your iPad with your untethered jailbreak, be sure to install Springtomizer 2 on your iPad along with Activator and SBSettings.