As usual, that didn't take long. Hot of the heels of the Beta 5 release of iOS 5, the iPhone Dev Team has released RedSn0w 0.9.8b5, which, of course, allows you to jailbreak Apple's bleeding edge firmware.
Per the norm, this is a tethered jailbreak, meaning you'll have to be near a computer to perform a tethered boot if you have to restart your device for any reason.
This latest version of RedSn0w is available for both Mac and Windows users. Check inside for more details...