Last week, alongside the third generation iPad and new Apple TV, Apple showcased a number of apps that took advantage of the improved hardware of the new iPad.
One of them was iPhoto for iOS, which brings advanced photo editing capabilities to the iPad, using touch based gestures.

But even though iPhoto is also compatible with iPhone 4S, iPhone 4 and iPad 2, it requires iOS 5.1, which means that if you've not updated your jailbroken iPhone 4S/iPhone 4 or iPad 2 to iOS 5.1 due to the warning from iPhone Dev team, then you won't be able to use it.
Thankfully, there is an easy workaround to install iPhoto on your jailbroken iPhone 4S, iPhone 4 and iPad 2 on iOS 5.0.1.
All you need to do is follow these simple steps:
  1. Launch iFile jailbreak app (in case you don't have it, you can install it from Cydia)
  2. Navigate to /System/Library/CoreServices
  3. Tap on the SystemVersion.plist file and select Property List Viewer from the list of options
  4. Tap on ProductVersion
  5. Change the value from 5.0.1 to 5.1
  6. Navigate back and tap on the Done button
  7. Respring your iOS device
  8. Now launch the App Store and you should now be able to install iPhoto. (If you still get "This app requires iOS 5.1" error message then kill App Store from the multitasking tray and try again)
  9. After it is successfully installed, follow steps 1 to 7 to revert back the ProductVersion back to iOS 5.0.1
  10. Then launch Cydia
  11. Tap on the Search tab and type iPhoto501Fix (without installing the fix, iPhoto kept crashing on the iPhone 4S for us)
  12. Tap on iPhoto501Fix from the search results
  13. Then tap on the Install button, followed by the Confirm button.
After it is successfully installed, you should be able to launch iPhoto on your iPhone 4S, iPhone 4 or iPad 2 on iOS 5.0.1.
You can follow similar instructions to install iMovie (this trick will also work on iPod touch 4G).