How do i find out if it can be jailbreak
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What iOS version are you on?
Settings > General > About > Version
Doesn't it need to be before 2011 week 35 to jailbreak
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No.
I just need to know what iOS version your on.
It's 5.1
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You can jailbreak it with redsn0w, but it's only a tethered right now. I'd wait for the untethered to come out if I were you, but it's your choice.
Can i downgrade ios
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Only if you saved your SHSH blobs before you upgraded.
Can I use a custom 5.0.1 ios from snowbreeze
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Only if you have your SHSH blobs from 5.0.1, if you don't then no.