Osprey Safety, Performance, and Reliability Evaluation Act of 2001

Osprey Safety, Performance, and Reliability Evaluation Act of 2001 - Rescinds specified funds made available for the V-22 Osprey aircraft program under the Department of Defense Appropriations Act, 2001. Allows remaining program funds to be used only to maintain the aircraft's production base. Requires specified reports on such program to Congress by the Secretary of the Navy and the Inspector General of the Department of Defense by the earlier of: (1) the date that is three months after enactment of this Act; or (2) the date of the Milestone III decision for approving the entry of such program into full-rate production.