Luckily there is a quick and easy fix for this problem. You’ll need to have a Jailbroken iPhone 4S or iPad 2 running iOS 5.0.1 since there is currently no Jailbreak for A5 devices running iOS 5.1. Check out the video and steps below…
To install iPhoto / iMovie on iOS 5.0.1 follow the steps below…
Step 1: Use either My File or iFile and navigate to /System/Library/CoreServices
Step 2: Open SystemVersion.plist and use Property List Viewer or select Edit as Text
Step 3: Under ProductVersion change the value from 5.0.1 to 5.1
Step 4: Exit iFile or MyFile and respring your device
Step 5: Open the App Store, and download iPhoto or iMovie.
(Steps 6 and 7 are for iPhoto Only)
Step 6: Open Cydia, Search for, and Install the iPhoto501Fix package.
Step 7: After the fix installs restart your Springboard and Edit to your Hearts Content!
The iPhoto fix will prevent some reported crash issues with iPhoto running on iOS 5.0.1, so it’s essential that you install this package if your attempting to install iPhoto on a Jailbroken 5.0.1 device.
Remember, you can always change the ProductVersion back to iOS 5.0.1 if you start experiencing and weird/random issues with other Apps. I would recommend doing so either way, just to prevent any issues that may be unknown to us at this point.
Were you able to get iPhoto / iMovie installed?