The iPhone dev released a new version of redsn0w that jailbreaks iOS 5 beta. The release is meant for developers to test their jailbroken apps with Apple's latest mobile operating system. The dev team warns people that this jailbreak will not bypass iOS 5 beta activation. You still need a developers account and a registered UDID to activate iOS 5 on your handset. The jailbreak is tethered only and compatible with the iPod touch 3G/4G, iPad 1, iPhone 3GS and the iPhone 4 (GSM/CDMA).