Thank You VERY much... you just saved me much time and frustration!

works like a charm! thanks for share!

Updated version with all the comments and best practices mentioned here. I'll try to keep this version up to date as best I can. Feel free to leave a comment if you find something new.

https://gist.github.com/four43/e00d01ca084c5972f229

You can also just enable the epel repo on amazon ami.
yum --enablerepo=epel install redis

However, do note that this may not install the latest and greatest redis. Also, it is disabled at all runlevels by default. Use chkconfig to enable.

And used the Redis stable version as suggested by @josephmo

Faced the 301 moved permanently error at Step 5. Download init script
so here is the latest URL,
https://gist.githubusercontent.com/dstroot/2777433/raw/061ceb203dc7b002b073f28880f63cfa3ef9b5d2/redis-server

The final script goes as follows:

#!/bin/bash
# from here: http://www.codingsteps.com/install-redis-2-6-on-amazon-ec2-linux-ami-or-centos/
# and here: https://raw.github.com/gist/257849/9f1e627e0b7dbe68882fa2b7bdb1b2b263522004/redis-server
###############################################
# To use: 
# wget https://raw.github.com/gist/2776679/04ca3bbb9f085b192f6aca945120fe12d59f15f9/install-redis.sh
# chmod 777 install-redis.sh
# ./install-redis.sh
###############################################
echo "*****************************************"
echo " 1. Prerequisites: Install updates, set time zones, install GCC and make"
echo "*****************************************"
#sudo yum -y update
#sudo ln -sf /usr/share/zoneinfo/America/Los_Angeles \/etc/localtime
#sudo yum -y install gcc gcc-c++ make 
echo "*****************************************"
echo " 2. Download, Untar and Make Redis 2.6"
echo "*****************************************"
cd /usr/local/src
sudo wget http://download.redis.io/redis-stable.tar.gz 
sudo tar xvzf redis-stable.tar.gz
sudo rm redis-stable.tar -f
cd redis-stable
sudo make
echo "*****************************************"
echo " 3. Create Directories and Copy Redis Files"
echo "*****************************************"
sudo mkdir /etc/redis /var/lib/redis
sudo cp src/redis-server src/redis-cli /usr/local/bin
echo "*****************************************"
echo " 4. Configure Redis.Conf"
echo "*****************************************"
echo " Edit redis.conf as follows:"
echo " 1: ... daemonize yes"
echo " 2: ... bind 127.0.0.1"
echo " 3: ... dir /var/lib/redis"
echo " 4: ... loglevel notice"
echo " 5: ... logfile /var/log/redis.log"
echo "*****************************************"
sudo sed -e "s/^daemonize no$/daemonize yes/" -e "s/^# bind 127.0.0.1$/bind 127.0.0.1/" -e "s/^dir \.\//dir \/var\/lib\/redis\//" -e "s/^loglevel verbose$/loglevel notice/" -e "s/^logfile stdout$/logfile \/var\/log\/redis.log/" redis.conf > /etc/redis/redis.conf
echo "*****************************************"
echo " 5. Download init Script"
echo "*****************************************"
wget https://gist.githubusercontent.com/dstroot/2777433/raw/061ceb203dc7b002b073f28880f63cfa3ef9b5d2/redis-server
echo "*****************************************"
echo " 6. Move and Configure Redis-Server"
echo "*****************************************"
sudo mv redis-server /etc/init.d
sudo chmod 755 /etc/init.d/redis-server
echo "*****************************************"
echo " 7. Auto-Enable Redis-Server"
echo "*****************************************"
sudo chkconfig --add redis-server
sudo chkconfig --level 345 redis-server on
echo "*****************************************"
echo " 8. Start Redis Server"
echo "*****************************************"
sudo service redis-server start
echo "*****************************************"
echo " Complete!"
echo " You can test your redis installation using the redis console:"
echo "   $ src/redis-cli"
echo "   redis> set foo bar"
echo "   OK"
echo "   redis> get foo"
echo "   bar"
echo "*****************************************"
read -p "Press [Enter] to continue..."

is there an ubuntu version of this as well?

@tushard-iprogrammer

You forgot copying redis.conf file in step 3

sudo cp redis.conf /etc/redis/redis.conf

@four43

it is that version the updated one?
thanks all for the script.

https://gist.github.com/four43/e00d01ca084c5972f229