Just 2 days after seeding iOS 5.0.1 beta 1 to developers, beta 2 of 5.0.1 is now available in Apple’s Dev Center. The build number is 9A404 and is available over-the-air (800MB for iPhone 4S, 45MB for iPad 2) for users with the previous iOS 5.0.1 beta 1 installed. To download updates OTA, open the Settings.app > General > Software Update. The original beta build apparently suffered from some bugs related to failed activations. Beyond these bug fixes, it doesn’t appear that iOS 5.0.1 beta 2 contains anything more.
iOS 5.0.1 beta 2 is available now in the iOS Dev Center.
UPDATE: It looks like the iOS 5.0.1 beta 2 OTA update for the iPhone 4S is not a delta update, 800MB is too large.