Ok you can't use iOS 5.0.1 without the shsh blobs you need to use sn0wbreeze and make a custom iOS 5.1 and follow the steps to pwn in dfu the use iTunes to restore you'll have to boot tethered with ibooty or redsn0w
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Grab them using TinyUmbrella and then restore using sn0breeze. Also why not use 6.1.2? It's stable and when Apple releases 6.1.3 it's the end of the envasi0n jailbreak.