This is fairly well documented in How do I disassemble raw x86 code?
To do your specific example, this worked for me (on a Linux machine, with the GNU toolchain):
printf '\xb8\x01\x00\x00\x00\xbb\x01\x00\x00\x00\xcd\x80' > /tmp/binary
objdump -D -b binary -mi386 /tmp/binary
With this as the short documentation for the options:
[-D|--disassemble-all]
[-b bfdname|--target=bfdname]
[-m machine|--architecture=machine]
i386 specify the target. I had to remove the addr16 and data16 from the original example command, as otherwise this won't work.