The Apple iOS 5 will release to public this fall and Apple is working hard to provide utmost service and its providing consistent Beta versions. Last week Apple released the Beta 5. Now with this new edition obviously all those outdated Jaibreak’s wont work. The iPhone-Dev Team have release the Jailbreak for this version too, and you can do this with the RensnOw Jailbreak Tool.
According to the iPhone-Dev Team Blog:
redsn0w has been updated to 0.9.8b5, adding support for Apple’s new iOS5 beta5 (point it directly at the beta5 IPSW). Please use this only if you’re a jailbreak app developer with a legit Apple dev account, and remember it’s a tethered jailbreak for now!
This adds even more compatibility to RedsnOw which is by far the most versatile Jailbreaking tool. Its capable of Jailbreaking almost every iDevice except iPad 2. Now please keep in mind that this is a Tethered Jailbreak, which means you will have to boot by connecting to a Mac having Redsnow.
For a step-by-step tutorial to how to perform the Jailbreak click here.
According to recent tweets by the iPhone Dev Team the untethered jailbreak cant be expected anytime soon ( Well, not until the official release of the iOS 5). To perform this Jailbreak your iDevice must have iOS 5 Beta 5 and iTunes 10.5 Beta 5 which you can download form Apple Developers website using your Developer account.
However once you Jailbreak your device you wont be able to get any OTA updates and to do so you will have to restore your iDevice back to factory version.