Chronic Dev Team member @pod2g sent out a tweet stating they are all still actively working on an iOS 5 untethered jailbreak. After Comex's departure to Apple a lot of the jailbreak community is wondering how it affects future development of jailbreak tools. Even though Comex played a huge part in the jailbreak scene there will always be many others willing to step in and fill his shoes. The cat and mouse game will always continue.
Even though they are working on a new untethered exploit for iOS 5, it has been stated many times that no untethered version will be released until after the official release of iOS 5. This is typical as a release before would allow Apple time to patch it and leave jailbreakers out in the cold until another exploit is found.
If you'd still like to jailbreak on iOS 5 you can do so via Redsn0w beta if you're alright with being tethered for a while. And as always, proceed with caution with any beta software and if you run into any problems or have questions, you can always check out our TiPb jailbreak forums.