Good news for jailbreakers who happen to have a legit (or not) developer account and want to jailbreak the latest iOS 5 beta 3 firmware released earlier today. According to a tweet from MuscleNerd a few minutes ago, you can use RedSn0w to jailbreak iOS 5 beta 3.

In order to jailbreak your iDevice running iOS 5 beta 3, you will need to download the latest version of RedSn0w which was released about a month ago. All you need to do is point RedSnow to iOS 5 beta 1, instead of pointing it to beta 3…

If you aren’t sure about how to do that, please refer to our super detailed RedSn0w guide. Make sure you are already running iOS 5 beta 3 on your device, and during step 6 of our guide, point RedSn0w to iOS 5 beta 1.

Remember this is a tethered jailbreak, which means you will have to plug your iPhone or iPad in every time you reboot it in order to kickboot it. It’s not very convenient but it is the only way so far. Also, those of you who rely on an unlock should stay away from iOS 5 beta 3 for the time being as it will update your baseband and make it impossible to unlock your iPhone.

You can download RedSn0w from our downloads section.

As usual, feel free to comment on this process.

UPDATE: Some users are reporting that jailbreaking iOS 5 beta 3 will cause some App Store apps not to work. You might want to stay away from that until things clear up.

UPDATE 2: The Dev Team updated RedSn0w to version 0.9.8 beta 2. It is now safe to use RedSn0w to jailbreak iOS 5 beta 3.