MuscleNerd recently Tweeted that iOS 5 beta 1 jailbreak is already available. DevTeam released Redsn0w 0.9.8 b1.
For now the jailbreak is tethered (you have to run redsn0w each time you reboot) and available for Mac OS X only. It will not activate your device, so you need have registered UDID. iPhone 3GS users with 06.15 baseband: redsn0w will get you past the iTunes restore error. This redsn0w will probably work on future versions of iOS 5.
Redsnow is easy to use, it is available for Windows and Mac OS. As usual for unlockers – do not update to 4.3.3, use PwnageTool (MAC) and Sn0wBreeze (Windows) to preserve the baseband.
New tutorials are on it’s way. For now you can still use our tutorials for iOS 4.3.1. Just download iOS 4.3.2 here, update in iTunes, point redsn0w to it, everything else is the same: