Jailbreak for iOS 5 iPhone 4, iPhone 3GS, iPad 1, iPod touch 3G and iPod touch 4G is out. MuscleNerd has confirmed that the current redsn0w tool can jailbreak iOS 5 tethered not untethered.
Tethered jailbreak means you’ll have to plug in your device to your computer every time it reboots to make a “Just Tethered Boot” from redsn0w.
NOTE: iPad 2 is not supported in this jailbreak. Jailbreak iPad 2 is supposed to be jailbroken within few days along with the iPhone 4S bringing untethered iOS 5 jailbreak.