That was quick. Some people are still having problems updating to iOS 5 (Error 3200? Just keep trying) but the jailbreak for it is finally available, albeit a tethered one that is and only for Mac as of now.
iPhone Dev Team just released Redsn0w 0.9.9b5 for Mac (Windows coming soon) which is a tethered jailbreak for iOS5. Do note that like the previous versions, it doesn’t work for the iPad 2 and won’t work for the upcoming iPhone 4S. If you don’t know what tethered jailbreak is, it means you have to redo the jailbreak whenever you power up or reboot your device.
Despite reading this, you may not bother jailbreaking your iOS 5 yet because of the restrictions. However, it’s good to know that it’s already available and it’s just a matter of time before we see a proper untethered jailbreak for both Mac and Windows. Good job iPhone Dev Team.
If you’re the adventurous type when it comes to your gadgets, head over to RedmondPie for instructions how to use Redsn0w for the iOS5.
Additional reading: What’s new with the iOS5?