Scires posted a short video showing homebrew working on 5.0.1 with a side note that while it doesn't properly reboot into the Switch's OS yet, he hopes to have it working soon without too much trouble!
Currently he has replaced the Album button with custom code, in this case the Homebrew Menu, and shows off a Hello World demo launched from there.
Edit: A comment on his twitter post shows someone playing Tetris from the HB Menu who is apparently on 5.0.2 -- which is good news for everyone that updated!
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