Nope. Apple stopped signing 5.0.1, so when you try to install it, it won't get a valid response from the server to check that it was installed properly. You'll either have to leave it or install 5.1.
wat r u talkin about dawg?
search redmond pie for 5.0.1
download ipsw for the firmware
then open iTunes
on windows:
Shift restore
on mac:
fn restore
choose 5.0.1 then update
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