Update 1: iOS 5 Final version has been released for Download and Jailbreak - Click Here
Today the new Beta version of iOS 5 has been released named as iOS5 Beta 3. now there is need for most of the users of this new version of firmware to jailbreak their devices. There is good news for those that they can easily jailbreak the latest version of iOS 5 beta 3. There is no tool updated for the jailbreak, but the last version of Redsn0w that was released to jailbreak iOS 5 Beta 2 can jailbreak iOS Beta 3 as well. But this new version and jailbreak is only for developers. Here is the announcement made by MuscleNerd about the jailbreaking of new firmware.
Here is a bit guide about jailbreaking new version iOS 5 Beta 3. first update you iDevice with this latest firmware via iTunes. Then you need to run Redsn0w 0.9.8 and select the firmware iOS 5.0 beta1. if you select other firmware then you will not be able to jailbreak your device running iOS Beta3.
Again this is tethered jailbreak, it means that every time you switch off your device, you will have to connect it to your PC and use the option “Just boot tethered right now” to use your device. Here is the complete guide how to jailbreak you iPhone, iPod and iPad using Redsn0w.