As usual for any beta updates, you can just re-run redsn0w in jailbreak mode over your existing 5.0.1 jailbreak.
Here are the step to utilize redsn0w 0.9.11b1 for your iPad or iPhone:
Step 1: Download redsn0w 0.9.11b1 for Windows (here) and Mac (here)
Step 2: After you've completed the download, run redsn0w 0.9.11b1 by double clicking on the redsn0w.exe file in the redSn0w folder on your desktop or in your download folder.
Step 3: Click the 'jailbreak' button and install Cydia on your iPad. You could also choose 'Select IPSW', but redsn0w improvements make this unnecessary anymore.
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 0.9.11b1 will begin to jailbreak your iPad. It is best to not interrupt it or use your computer during the jailbreak.
Now enjoy your new jailbroken iPad 2! Check out our summary of the best free cydia tweaks and the best paid Cydia tweaks to get started. Enjoy your iPad 2 Jailbreak!