I told you today that a new version of Corona is available to fix iOS functionality issues and here a new version of redsn0w has been released to do the exact same thing. The Dev Team says that they solved all the problems caused by the initial version of the program and now you have two options: either install Corona from Cydia or redo the jailbreak with redsn0w. Both methods can be used without problems, it depends on you what you choose to use.
Update #2: The b2 version of redsn0w includes the launchctl-related fix by @planetbeing as mentioned by @saurik here and here. As usual, you can just re-run redsn0w in jailbreak mode over your existing 5.0.1 jailbreak (even a PwnageTool one), making sure to de-select "Install Cydia" if you do. Always be sure to do a controlled "slide to power off" shutdown of your device before running redsn0w.
You can download redsn0w 0.9.10 beta 2 from here: Windows, Mac. Here you can find a jailbreak tutorial.
UPDATE: Before repeating the jailbreak process, close the terminal completely and put it in DFU Mode, starting with it closed. Also choose not to install Cydia.
