Motivated by the recent finding of hierarchical X-ray flaring phenomenon in Mrk 421, we conducted a systematic search for X-ray flares from Mrk 501, another well-known TeV blazar, by making use of the rich RXTE archival database. We detected flares over a wide range of timescales, from months down to minutes, as in the case of Mrk 421. However, the flares do not seem to occur nearly as frequent...