Currently running iOS 5 beta 7 and wondering how to Jailbreak? Well you're in luck, you can now do so with the newest version of Redsn0w. Of course this one is also tethered like the previous beta versions of RedSn0w for iOS 5.
Be advised that not all jailbreak apps and tweaks have been updated to support iOS 5. If you're alright with running tethered and don't mind a few bugs here and there, follow along for a quick walkthrough.