The iPhone Dev Team which showed us a few days ago screenshots of a jailbroken iOS 5 has released a redsn0w jailbreak of Apple’s new OS. But the version released is only recommended for developers who are the ones who have access to iOS 5. The jailbreak uses the original limera1n bootrom exploit and will allow unofficial software to be run on the iPhone, iPad and iPod touch when running iOS 5.
The Dev Team has developers in mind when it released the jailbreak. Developers will benefit from the jailbreak as they can start creating jailbroken apps.
For ordinary iPhone users, the advice is to wait until the stable jailbreak version is released later this year.
Source iPhone Dev Team