Yesterday Apple released a beta version of iOS 5 for developers. Know what else happened yesterday? Someone jailbroke the operating system. MuscleNerd from the iPhone Dev Team confirmed that the limera1n exploit which is used in most of the latest jailbreak tools works with Apple’s latest operating system.
There are a few caveats. Right now the exploit should work with most recent Apple iOS devices, but not the iPad 2. MuscleNerd has also only confirmed that a tethered jailbreak is possible. That means you’ll need to connect your phone to a computer via a USB cable and run the software again any time you need to reboot your device.
It’s probably just a matter of time before the developers behind redsn0w, sn0wbreeze, or another popular jailbreak utility come up with an untethered jailbreak method. Just don’t expect it to hit the streets before this fall when Apple officially releases iOS 5 to the public. Jailbreak developers tend to hold off on releasing new software during iOS beta test phases, since it would give Apple more time to make changes before releasing the final software.