Apple just released iOS 5 beta 2 and RedSn0w current version can already jailbreak it. Using RedSn0w 0.9.8 beta you can jailbreak iOS 5 beta 2 on iPhone 4, iPhone 3GS, iPod Touch 4G, iPod Touch 3G and Apple TV 2G.
Of course, this jailbreak and beta 2 is not meant for general users. A lot of things are going to be broken. It’s meant for developers to develop jailbreak apps for iOS 5.
We have already posted a detailed jailbreak guide for iOS 5 beta, So simply follow the guide linked below to jailbreak iOS 5 beta 2 but remember to point RedSn0w to beta 1.
Note: It’s still a tether jailbreak for iOS 5 beta 2, which means you will have to connect your iDevice to a computer in order to boot the device.
Update 1: RedSn0w 0.9.9b9 is now available for download. Supports iOS 5.0.1 and Custom IPSW feature comes to Windows.
Download RedSn0w 0.9.9b9