@pimskeks announced the update:
#Absinthe 0.4 released greenpois0n.com/?p=173 - OSX 10.5 support (PPC+Intel). Re-jailbreaking not required. Changelog: pastebin.com/DdwGKstR
What's New in Version 0.4
● Mac: added support for OSX 10.5, PPC and Intel CPU
● added consistency check on startup to make sure required files are in place
● Windows: fixed bug in payload generator that might cause a crash
You can download the latest version of Absinthe from here.
You can find instructions on how to jailbreak your device on iOS 5.0.1 using the iClarified Jailbreak Wizard.