[ame=http://www.youtube.com/watch?v=0uUB3Cw9lws]YouTube - iOS 5 Jailbreak With Limera1n iPhone, iPod Touch, And iPad Already Works - iOS Vlog 431‏[/ame]
Believe it or not iOS 5 is already Jailbroken. Last night, iPhone Dev Team Hacker, @Musclenerd tweeted out a few screenshots of his iPod Touch 4G Jailbroken. This included a working version of Cydia, and it was simply tether-Jailbroken with Limera1n. Limera1n is a bootrom exploit witch allows it to work on all current devices(except iPad 2) and leave us open with a hole that Apple can't fill. All devices 4th generation and under are safe as well as the iPad 1st gen(not second). If you wish to have a Jailbroken iPad 2, it's best to stay at 4.3 until they find a way.