Mysql server installation

I am trying to install mysql 5.1.42 and after running below line

sudo /usr/local/mysql/bin/mysqladmin -u root -p password

I get this error:

/usr/local/mysql/bin/mysqladmin: connect to server at 'localhost' failed error: 'Can't connect to local MySQL server through socket '/var/run/mysqld/mysqld.sock' (2)' Check that mysqld is running and that the socket: '/var/run/mysqld/mysqld.sock' exists!

I have created mysqld.sock and gave permission to it too. but still get the same error.

can anyone help

thanks