iOS 5 Beta 3 has been out for barely half a day, and it's already been confirmed that you can jailbreak Apple's latest beta release with RedSn0w. That's good news for jailbreakers, even if it is only a tethered jailbreak.
Don't get too excited, though. Because it seems that jailbreaking iOS 5 Beta 3 will result in you no longer being able to run apps from the App Store...