Well the iOS scene isn’t stopping on these beta’s of the upcoming iOS 5 Releases. Each and every version of the beta that has been pumped out has been Jailbroken. The latest being beta 5. The newest version of Redsn0w 0.9.8b5 is what will accomplish this jailbroke on the iPod touch, iPhone 4 and iPad 1, But will not work on the iPad 2, But that’s really the iPad 2’s fault for not being a team player! You can read more about in from the iPhone Dev-team site!!
Source iPhone Dev-Team