iOS 5 (Developer release) was released on Monday.
Now comes a Redsn0w Jailbreak released by the iPhone-Dev team. This Jailbreak runs on Mac only and is tethered Jailbreak, meaning you have to connect to your computer when powering it on in order to Jailbreak your device.
This Jailbreak works on iPhone 4 (GSM), iPhone 4 (CDMA), iPhone 3GS, iPad 1, iPod Touch 4G, and iPod Touch 3G. If you’re dependent on a carrier unlock don’t upgrade to the beta iOS 5 release or attempt to Jailbreak your device because it will break your carrier unlock.
A full tutorial on how to Jailbreak your iDevice to run iOS 5 is available at Redmond Pie.