Before you do anything else, go to Asus's website and download the latest UEFI firmware plus AI Suite II software package. Install AI Suite II first, then update the UEFI firmware from within Windows. Alternatively you can copy the ROM file to a USB thumbdrive and update via the UEFI interface itself.
Almost all of the settings we need to modify are under the AI Tweaker tab, the first being AI Overclock Tuner. Change it to either "Manual" or "X.M.P." This will enable the option to adjust your BCLK frequency manually. DO NOT TOUCH this setting, it's pointless to change the base-clock or FSB on the Sandy Bridge platform. For the purposes of finding your fastest stable CPU overclock, change your Memory Frequency to "DDR3-1333" or lower. We'll change it back to whatever is appropriate later.
The next setting is what will establish your actual CPU overclock. Enable Turbo Ratio By All Cores and then set the value to "48." On the latest beta UEFI firmware there is also a Internal PLL Overvoltage option that should be enabled.
Scroll down and choose the "Ultra High" setting for Load-Line Calibration. This will help minimize Vdroop or dips in CPU voltage under full-load. Now set both Phase Control and Duty Control to "Extreme." DRAM Voltage should be whatever your RAM kit is specified to run at...don't set this above 1.65V.
Finally, CPU Voltage should be set to Offset Mode. I used "+.030V" to start. Your system should now at least be able to boot into Windows at 4.8 GHz.
At this point I usually open a trio of software apps: CPU-Z, RealTemp and Prime95. CPU-Z will report your processor's current core voltage, current clock speed, any speedstepping, memory speeds and timings. RealTemp is as the name suggests, a temperature monitor. Prime95 is a distributing computing client that will help determine if our overclock is stable. If you were able to boot into Windows, then start a Prime95 Torture Test and select the first option: Small FFTs. At this point your CPU will be running full tilt. Your CPU fans have probably spun up to max RPM and RealTemp should be reporting at least 65C on all cores if you are using air cooling.
Let Prime95 run for 30 minutes or so. Has your system crashed? If not, then you can try increasing your turbo multiplier to 49x. There is a decent chance that your particular Sandy Bridge processor is not capable of operating at such an overclock and will lock-up or BSOD when stressed under Prime95 at this point. Repeat the Prime95 testing process to see if you make it through 30m of stress-testing. Still alive? Then bump up the multiplier again...this is very unlikely as 4.8-4.9 GHz seems to be where most Sandy Bridge CPUs are hitting the wall. If you crashed at 4.9 GHz, then bump the overclock back down to 4.8 GHz. Start priming again at 4.8 GHz, but this time leave it alone for an hour. If it lasts that long without crashing, then adjust the CPU Voltage offset down by one or two ticks. Restart your Prime95 torture test and let it run for 1 hour again. Keep doing this until your system crashes, then bump the voltage up back up by a notch or two.
I am hesitant about going higher on the CPU voltage than 1.37-1.38V under load, but whether you want to push your CPU to the limits is up to you. If you are unlucky enough to have a CPU that cannot run stably at that voltage and 4.8 GHz, then I suggest dropping your overclock to 4.7 GHz and resume testing. You might be able to drop your CPU voltage a little as well.
Once you've found a combination of clock speed and CPU voltage that passes an hour of Prime95, then let it run continuously for up to 24 hours. If your system BSODs or locks up, then you'll need to bump the CPU voltage by a notch or two again. Once you get your CPU overclock 24-hour stable, then you can adjust you can go back and set your RAM to run at the manufacturer's specifications.
I should also mention that my CPU cores get up to 72-73 degrees celsius under load with a large Noctua NH-D14 cooler. If you don't have a decent cooler, I suggest backing your overclock down to 4.5 GHz max with a lower CPU Voltage offset.
EDIT: List-form for my personal settings. Anything not listed was left at Auto/Default values. You do not need to deal with stuff like VCCSA/VCCIO/CPU-PLL unless you are going for an extreme overclock.
AI Overclock Tuner = Manual
BCLK/PEG Frequency = 100
Turbo Ratio = By All Cores = 48
Internal PLL Overvoltage = Enabled
Memory Frequency = DDR3-2133
OC Tuner = Disabled
EPU Power Saving Mode = Disabled
DRAM Timing Control = 9-11-9-24-2T
Load Line Calibration = Ultra High
Phase Control = Extreme
Duty Control = Extreme
CPU Voltage = Offset Mode = +.010V
DRAM Voltage = 1.6V
VCCIO = 1.125V