Looks like it’s becoming a habit nowadays to get a jailbreak solution for new iOS releases just a couple of hours after they have been pushed out (or even simultaneously). If you’ve updated to the recently released iOS 5 you can now jailbreak it.
It’s a tethered jailbreak solution at the moment which means that you will have to reapply every time you run out of power or power cycle your phone. Redsn0w has been updated to version 0.9.9b5 and can allow you to unlock your phone to apply all the hacks you want. Check out the source link for details of the update.