There is a simple way to update to iOS 5.0.1 without basebande update . easy unlock and jailbreak . Its a Tethered jailbreak for all device except iPad 2 and iPhone 4s. This iOS 5.0.1 custom firmware made with Sn0wbreeze v2.8b11.There is same ready custom firmwares with 6.15.00 basebond . if you get iTunes 16XX error use iREB.
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Requirements :

1 . Custom firmware for Device :
NOTE: If you have original carrier sim card use unactivated and if you have not use active one.
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Download custom firmware iPhone 4 /Activated ——————-> {FileSonic | Hotfile}
Download custom firmware iPhone 4 /Unactivated —————-> {FileSonic | Hotfile}
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Download custom firmware iPhone 3Gs /Activated —————-> {FileSonic | Hotfile}
Download custom firmware iPhone 3Gs /Unactivated ————-> {FileSonic | Hotfile}
iPhone 3Gs New Bootrom – BaseBand 6.15.00 / Activated ——–> {FileSonic | Hotfile}
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iPhone 3Gs Old Bootrom [Untethered Jailbreak] /Activated —————————–> {FileSonic | Hotfile}
iPhone 3Gs Old Bootrom [Untethered Jailbreak] /Unactivated ————————–> {FileSonic | Hotfile}
iPhone 3Gs Old Bootrom [Untethered Jailbreak]-BaseBand 6.15.00/Activated –> {FileSonic | Hotfile}