iH8Sn0w has released Sn0wbreeze 2.8b4 to jailbreak the recent iOS 5 beta 3. With this latest Sn0wbreeze 2.8b4 you can jailbreak iOS 5 beta 3 on iPhone4, 3GS, iPod Touch 4G, 3G and iPad 1.
Sn0wbreeze 2.8b4 provides tether jailbreak except iPhone 3GS. It lets you preserve iPhone baseband so you may unlock with UltraSn0w. Sn0wbreeze 2.8b4 does not support iPad 2 and is inteded for developers only to develop their jailbreak apps for iOS 5.
Sn0wbreeze 2.8b4 release notes
sn0wbreeze v2.8b4 — For iOS 5.0 b3(9A5259f)
* Intended only for developers (as usual).
* Hacktivation is disabled (again).
* MAKE SURE YOU UPDATE TO iTunes 10.5 BETA 3!
Those wondering, the jailbreakme exploit
cannot be integrated into applications
such as PwnageTool/redsn0w/sn0wbreeze.
redsn0w seems to be having sandbox errors
due to it using the old b1 kernel.
I and many others have not seen any issues
with sn0wbreeze related to App Store apps.
If you prefer to use redsn0w, I am sure
@MuscleNerd is working on a fix.
You can download Sn0wbreeze 2.8b4 from the link below. Steps to jailbreak iOS 5 beta 3 with Sn0wbreeze 2.8b are exactly similar to the guide posted earlier. Detailed guide to jailbreak iPhone 4, 3GS, iPdo Touch 4G, 3G, iPad 1 on iOS 5 beta 3 using Sn0wbreeze 2.8b4 is also linked below.
Download Sn0wbreeze 2.8b4
Jailbreak iOS 5
How to: Jailbreak iOS 5 with Sn0wbreeze 2.8
How to: Jailbreak iPhone 3GS (Old BootRom) iOS 5 with Sn0wBreeze 2.8 [Untethered]
How to: Jailbreak iOS 5 on iPhone 4, 3GS, iPad, iPod Touch with RedSn0w 0.9.8b