iOS 5 is already jailbroken
MuscleNerd has announced in Twitter that iOS 5 has been successfully jailbroken using old good LimeRa1n exploit. Cydia and SSH is working without any problems.
iOS5 jailbroken on ipt4g: http://is.gd/7GxIcK http://is.gd/BwPvfh via limera1n + tethered boot..not too many surprises
Cydia works fine too from quick testing (I installed SSH) http://is.gd/oADWEo
It is currently tethered, that means jailbreak is gone after reboot. Hopefully i0n1c will be able to port his untether to iOS 5. Anyway great news for all jailbreakers!
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