Following Apple’s release of iOS 5.0.1 beta to developers last night, Dev Team member Musclenerd revealed via Twitter that the new beta firmware can still be jailbroken using the current release of Redsn0w.
The beta is intended to address battery life issues with iOS 5, and also contains various other big fixes. Simply downloading Redsn0w 0.9.9b8 and following the instructions will get you a working jailbreak.
As with all current iOS 5 jailbreaks, it’s important to know that this is a tethered jailbreak, meaning you’ll need to use Redsn0w to boot your phone every time it restarts. The jailbreak also does not work with the iPhone 4S or the iPad 2.