Update 1: iOS 5 Final version has been released for Download and Jailbreak - Click Here
A little while back, iH8sn0w who is the developer of the unofficial PwnageTool for Windows, released an update of sn0wbreeze. The latest sn0wbreeze 2.8 beta 6 can now jailbreak iOS 5 beta 6 tethered on your iPhone, iPad and iPod touch
Sn0wbreeze 2.8b6 will jailbreak iPhone 3GS (old bootrom) untethered only. A tethered jailbreak means that if you reboot your device, you will have to connect it to the computer to boot it tethered otherwise it will get stuck at the Apple logo. On iOS 5 beta 6, only the old bootrom iPhone 3GS can be jailbroken untethered.
Sn0wbreeze 2.8b6 not only cooks the custom iOS 5 beta 6 ispw for the device you want to jailbreak, but it also removes the UDID check allowing non-developers to download and install iOS 5 beta 6 without a developers account. It also removes the beta expiry timer meaning that the beta you run on your device will not get expired.
Download Sn0wbreeze 2.8b6 for Windows.
Update: Jailbreak 5.0.1 untethered has been released, get it now - Click Here