A new version of Sn0wBreeze for developers to jailbreak iOS 5.0b1 has been released by iH8Sn0w. Sn0wBreeze is a Windows application that creates a custom ipsw similar to PwnageTool but different from blackra1n because it offers custom boot logo, change root partial size and much more. This software update will not update your baseband.
A new version of RedSn0w has been released by iPhone Dev Team which will allows the developers to jailbreak iOS 5.0b1. iOS 5 beta was released at WWDC 2011 to developers.
The following devices that are supported by RedSn0w 0.9.8b1 are iPod touch 3G, iPod touch 4G, iPad 1, iPhone3GS, iPhone4 (GSM) and iPhone4 (CDMA).