I have announced today the Dev Team will release a jailbreak solution for iOS 5 and here we have it already available for download. Dev Team has released redsn0w 0.9.8 beta 1 which makes tethered jailbreak for iOS 5 beta 1 but only on Mac OS X. The new version of redsn0w does NOT do hacktivation so you will have to have the UDID of your terminal registered in the account of an application developer for iOS. MuscleNerd warns users who have iOS 5 installed as Cydia, mobilesubstrate plus other iOS 5 applications do not work properly, so the jailbreak itself will most likely be ineffective for now. If you need decoding, do NOT update to iOS 5!
redsn0w 0.9.8 beta 1 does NOT work with Windows and probably won't work until the final version of iOS 5 is released, so don't expect a version for Windows. redsn0w 0.9.8 beta 1 jailbreaks using the bootrom exploit from limeran and is compatible with: iPhone 3GS/4, iPad 1, iPod Touch 3G/4G and so on.
You can download redsn0w 0.9.8 beta 1 from here. The jailbreak process is identical to the one until now.
UPDATED: Tutorial for jailbreak you have here.
UPDATE 2: It seems that we will also have a Windows version of redsn0w 0.9.8 beta 1.
