The Dev-Team has already upgraded its Redsn0w 0.9.8b5 to jailbreak iOS 5 beta 5. As for the previous iOS 5, the jailbreak is possible but it’s tethered, meaning that you have to plugin your iOS device to the
computer and boot it in tethered mode using Redn0w.
Please note that you’ll not be able to unlock your iPhone using this method. An unlock for iOS 5 is still not possible. This jailbreak does not work for iPad 2. If you have an iPad 2 jailbroken with JailbreakMe 3.0, stick to it because an untethered jailbreak for iPad 2 will not be available for a while.
This jailbreak will work on iPhone 3GS, iPhone 4, iPod touch (third and fourth generation) and iPad 1. To legally download iOS 5 and iTunes 10.5 Beta 5, you need an Apple developer account which is available to anyone willing to pay $99/year. If you need a tutorial for the jailbreak, it’s found here. If you need to know how to boot in tethered mode, look here
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