There’s a new version redsn0w which natively recognizes the latest version of Apple’s mobile operating system. Just download redsn0w 0.9.9b8 for Mac or Windows to get started.
This is still a tethered jailbreak, which means that you’ll need to connect your iPhone, iPod touch, or iPad to a computer and run redsn0w again if you need to reboot. Otherwise you’ll get stuck at the boot logo (unless you use SemiTether, in which case you’ll just lose the ability to use many of your apps).
Apple iOS 5.0.1 beta is designed to squash bugs that had been affecting battery life. It also adds multitasking gesture support to the original iPad and fixes a few other bugs. It’s available for users with Apple developer accounts at developer.apple.com.
Apple will probably push out the update to the public within the next few weeks.