I've just attempted to jailbreak my iPhone 4S on 5.0.1
It went all the way through, until I had to touch the absinthe icon. I did this, but just stayed on the "Please wait" page for half an hour. I read about the VPN trick, and tried that, but that also didn't work. In the process of trying to work out what was going on, I accidentally deleted the absinthe icon.
Anyway, I figured I might restore my iPhone, and try again. So I restored it from backup...but now absinthe just keeps saying "Looks like you've attempted to jailbreak this device before. We will try to fix it for you". Once that is complete, it says to unplug and replug the device in order to re-jailbreak. But when I do this, I get the same "Looks like you've attempted to jailbreak this device before..." message. It is stuck in a loop!