Attenshun iPhone, iPad and iPod users! The wait is over! The iOS 5 untethered jailbreak is now available for A4-based iPhone, iPad and iPod using Redsnow. You just need to follow the following steps and enjoy your non-authorized apps right away:
1. Download Redsn0w for Mac and Windows.
2. Run Redsn0w, click on "Jailbreak" and check "Install Cydia". Follow the instructions on the screen.
3. Wait and be done.
That simple. If you have an unlocked iPhone you should choose the custom IPSW option to preserve it. Like always, if you do this and things break, we're not responsible for it (but don't worry, it should work—and you can always go back to the original Apple firmware).
Sadly, this will not work with A5 devices: the iPhone 4s and iPad 2. [Redsn0w for Mac and Redsn0w for PC via Redmond Pie]