I have a Buck 112 that had side-to-side blade play, it has a pivot pin just like the 501 I believe. Basically what needs to be done is, one end of the pivot pin has to be raised above the level of the bolster so that the end of the pin can be peened down, this will tighten the pivot.
Here's what I did--
First you need a flat metal surface to act as an anvil. Naturally an anvil would be perfect but a piece of plate steel should work as well. Hold the knife so that one end of the pivot pin is pressing down against your "anvil". Using a ball peen hammer, tap on the bolster on the opposite side (the bolster that is facing up). Tap around the pin, you don't want to hit the pin with the hammer (not yet). By tapping the bolster around the pin this will force the bolster down and raise the end of the pin. When you notice the end of the pin sticking up above the level of the bolster, lay the knife on your "anvil" just as before, only this time you want to hammer the pin not the bolster, this will peen the end of the pin down and should result in a tighter pivot.
Before doing this I would suggest covering the handle slab with a strip of masking tape. You could also tape the bolsters but wether or not the tape actually protects the bolsters depends on how hard you have to hit the bolster to raise the pin. In any event, you're likely going to have to buff out any marks on the bolster.
If you don't like the method I described, and if sending it back to the manufacture is not feasible, try to find a cutlery shop in your area that can fix it. Other options might be a jewelry or watch repair shop.