Minutes after Apple released the Gold Master version of iOS 5 to developers yesterday, it was confirmed that you could jailbreak the operating system using the latest version of redsn0w but you had to use the IPSW file for iOS 5 beta 7. Today the folks at the iPhone Dev Team have released a new version of redsn0w which removes that requirement.
Now you can download
redsn0w 0.9.9b3 for Mac or
0.9.9b3a for Windows, connect your iPhone, iPod touch, or iPad to your computer with a USB cable and run the jailbreaking software. It should automatically detect the version of iOS youre running and guide you through the process.
Redsn0w should work with all devices that can run iOS 5 except the iPad 2. Theres currently no good way to jailbreak iOS 5 on Apples newest tablet.
This is also a tethered jailbreak for now. That means that if and when you have to reboot your iOS device, youll need to connect it to a computer and run redsn0w again in order to keep your jailbreak.
Apple will release iOS 5 to the public on October 12th, and its likely that youll still be able to use redsn0w to jailbreak the operating system and install apps that arent available in the official App Store or make other system-level changes.
The Gold Master version of iOS which is currently available to developers is basically a release candidate, and while theres still a chance that Apple could fix some bugs between now and October 12th, the mobile operating system isnt expected to change much before its released.