MuscleNerd and iH8sn0w both confirmed that, since the public version of iOS 5 is exactly the same as the developer GM, a tethered jailbreak can be performed with the lastest versions of both jailbreak tools.
We’ve confirmed that you can jailbreak iOS 5 with RedSn0w, but the jailbreak is obviously tethered, meaning that you’ll have to re-jailbreak every time you reboot your iDevice. We’ve also noticed that there are some bugs with jailbreak iOS 5 right now, namely the fact that the iPhone will not activate with its carrier. This could be an isolated incident. We’re not sure.
If you point RedSn0w 0.9.9b3 to your iOS 5 IPSW file (which you can download directly here), you’ll be able to jailbreak. Same goes for Sn0wBreeze on Windows. To download the latest versions of both RedSn0w and Sn0wBreeze, see our downloads section.
To learn how to jailbreak iOS 5 with RedSn0w, refer to our video tutorial.