While iOS 5 can be jailbroken, unfortunately its jailbreaking method is currently limited to a tethered jailbreak. What this means is that whenever you restart your iPhone, it will have to be plugged into the computer. Not a huge deal but highly inconvenient if you travel frequently, and thanks to a Twitter update by famed iPhone hacker, MuscleNerd, it looks like an untethered iOS 5 jailbreak could be headed our way soon. According to his tweet, "release makes both TinyUmbrella and Cydia blob saves useful for 5.0+ (1st verifies, then stitches)".
Ubergizmo, Redsn0w for Windows and Mac OS X confirmed
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