Jake England told investigators he shot three of the five victims, while Alvin Watts told police he shot the other two, according to the incident report provided by police.
They were arrested early Sunday after tips led investigators to England's burned pickup. The vehicle matched one reported at the crime scenes, according to the arrest reports.
Monday, a judge ordered England, 19, and Watts, 33, held on $9.16 million bond each pending formal charges on allegations of murder, shooting with intent to kill and gun possession.
An update posted to England's Facebook page the day before the shootings noted it was the second anniversary of his father's death "at the hands of a f--king n----r." The entry also mentioned his girlfriend's recent suicide.
Police reports characterize both men as white, but authorities have declined to say whether they think race played a role in the shootings. But prosecutors will review whether hate crime charges are appropriate against England and Watts, the district attorney said Monday.
"If the motivation is racial in this case, then that needs to be vetted in a court of law just like any others," Tulsa County District Attorney Tim Harris said. "It's the law of the state of Oklahoma and if the facts and the evidence support that, then we're going to go forward with it."
Police Chief Chuck Jordan described England and Watts as apparently close friends who shared a home in Tulsa.
The district attorney's office explained in a statement Monday that prosecutors declined to file homicide charges in the death of England's father, Carl England, in 2010, ruling the shooting a justifiable homicide.
The three people authorities accuse England and Watts of killing were identified by authorities as Dannaer Fields, William Allen and Bobby Clark.
Two others were shot but survived, and both of them were released Sunday from Tulsa hospitals, Jordan said.
One survivor, Deon Tucker, told reporters Monday that he was standing on his porch when a white pickup pulled up and its driver asked him for directions. "Next thing I know, they start shooting," he said.
"What are they shooting me for? I ain't got no enemies. I didn't know what was going on," recalled Tucker, who said he was shot once in the chest.
He added that he understands that his race might have led to his shooting. But Tucker said, in a matter of fact way, that he simply "got caught in the wrong spot" and isn't "mad at anybody," describing his shooter as a "lunatic."
Police have recovered a weapon that may have been used in the shootings, but Jordan declined to say which of the men is believed to have fired the shots. Tucker said he saw only the truck's driver and didn't know who exactly shot him.
One of England's neighbors, Synita Bowers, described him as well-mannered and helpful, according to CNN affiliate KOTV in Tulsa. She said she didn't believe England was capable of killing, the station reported.
"I can't imagine it. Not Jake," Bowers said, according to KOTV.
A couple arriving at the suspects' home on Sunday who described themselves as England's relatives said England had been troubled since the death of his father in April 2010. They also said he had been left to care for his 6-month-old child after his girlfriend's recent suicide.