New iOS 5 / iOS 5.0.1 Tethered Jailbreak Tool Available, Ac1dSn0w Beta 1
iOS 5 and iOS 5.0.1 can already be jailbroken, the tethered (or semi-tethered) way, although the jailbreak tools that are currently available to the public do not support the iPhone 4S and iPad 2 at this time.

MuscleNerd from the iPhone Dev Team confirmed that a preliminary iPhone 4S jailbreak is already working, and just earlier today he said that an iPhone 4S unlock is possible, which also indirectly confirms that the iPhone 4S jailbreak has to work in order for the unlock to be obtained.
But it’s not just the iPhone Dev Team hacking away at Apple’s latest iOS devices. We also have the Chronic Dev Team and the PwnDevTeam working on similar tools. In fact the latter launched a new iOS 5 / iOS 5.0.1 jailbreak tool today, which is still in beta, but it will apparently work with a bunch of iOS devices:
I’m pleased to announce that we’ve just released Beta 1 of Ac1dSn0w for Mac OS X Lion (should also work on Snow Leopard). Ac1dSn0w allows you to jailbreak your iDevice tethered. It also provides features like Tethered Boot, Pwned DFU, and Exit Recovery to get your device out of Recovery Loop.
Ac1dSn0w beta 1 workswith the iPhone 4, iPhone 3GS, iPod touch 4G and original iPad, and PwnDev Team also provides instructions (available at the Source link below) on how to perform the jailbreak, which we invite you to thoroughly follow in case you want to jailbreak your iOS device using the new tool. And Ac1dSn0w development will continue, with the final version ready to offer some additional features:
The current version of Ac1dSn0w is in an early development stage. In the future it will also be able to jailbreak remote devices. This means that you just need to install a server program on any OS (Linux, BSD, Windows) and Ac1dSn0w will jailbreak it on a client machine anywhere in the world. Other upcoming features are:
• Custom Firmware Creation
• iRecovery Remote (you can talk to remote devices and send your own payloads etc)
We certainly don’t advise you to jailbreak your iOS device, and you’ll be the only person responsible for everything you decide to put your gadgets through. But in case you tried out Ac1dSn0w let us know how it worked out for you!
Credit: Source.Untethered Jailbreak for iPhone 4, iPhone 3GS, iPad, iPod touch 3G & 4G May be Lost With iOS 5.1 Upgrade, Tethered Version Will Still Work
iPad 3 Running iOS 5.1 Jailbroken From Day One, iPhone Dev Team Yet to Release Public Jailbreak Tool For New Tablet
iPhone Dev Team Releases New Redsn0w Version for Mac & PC
Redsn0w 0.9.10b6 Jailbreaks Non A5-Based Devices, 2012 & 2012 iPhones & iPads Not Covered
The Beta Version Of iOS 5.1 Provides An Interesting Clue To The Processing Capability Of Future iOS Devices Like The Next iPhone & iPad Releases
